[16-Jan-2020] DarksydePhil is filing for bankruptcy (general thread) - and has officially done so on January 31 2020, meaning a lot of his finances have become public

[Schmeckel]

As far as I understand it. He took out the mortgage so the bank can still pursue it. It doesn't matter if its burned to a crisp they still want their money.

I'm basing this story on something I heard where some guy took out a small loan to buy a boat, the boat either got stolen or destroyed but the bank still wanted their money. Basically like that "fuck you, pay me" scene in goodfellas.

There's also the idea that he likely has homeowner's insurance on the property. If just his khando burned down, he'd probably be covered for most, if not all, of the "value" of said property at the time of purchase and would wobble away scot free (as is per usual pigroach luck). Unless he found some way to waive that requirement for the mortgage, I figure that insurance would cover him should such a catastrophic event happen and they honor the original value as the amount to pay out for the loss.

 

[Kosher Dill]

Just thought of this: what would happen if this condo becomes collateral damage of all the looting and burns down to the ground?

If the rioters on the Mean Streets Of Connecticut pass by Phil's KHANDO, they'll say "We're going in circles, we obviously did this place already."

 

[AnOminous]

There's also the idea that he likely has homeowner's insurance on the property. If just his khando burned down, he'd probably be covered for most, if not all, of the "value" of said property at the time of purchase and would wobble away scot free (as is per usual pigroach luck). Unless he found some way to waive that requirement for the mortgage, I figure that insurance would cover him should such a catastrophic event happen and they honor the original value as the amount to pay out for the loss.

Phil stopped paying that shit a while ago. They probably are paying it themselves now. Also depends on whether the insurance has a "civil unrest" exception, as much cheap ass insurance does.

 

[DiabeticSP]

Will we ever find out how much Phil still actually owns and what specifically is getting waived?

 

[AnOminous]

Will we ever find out how much Phil still actually owns and what specifically is getting waived?

It's all in the paperwork. Some of it is even true.

 

[Schmeckel]

Phil stopped paying that shit a while ago. They probably are paying it themselves now. Also depends on whether the insurance has a "civil unrest" exception, as much cheap ass insurance does.

How soon after someone stops paying their mortgage does the insurance policy cease? Phil, being the completely lazy asshole that he is, more than likely just had his homeowner's insurance built into his monthly payment. Would his homeowner's insurance just stop the moment he went past the acceptable payment date?

 

[actually]

It's all in the paperwork. Some of it is even true.

We had some speculation that he paid his taxes with a credit card, which would likely not be discharged since it was recent. Was the one filing from the trustee all we'll see, or will she submit some kind of line-item list of which debt is being discharged?

 

[darkwingosonichugorl]

We had some speculation that he paid his taxes with a credit card, which would likely not be discharged since it was recent. Was the one filing from the trustee all we'll see, or will she submit some kind of line-item list of which debt is being discharged?

If I recall correctly, Phil himself said on stream that he paid his taxes with a credit card. I'm too lazy to pigpiggo it.

 

[aszs]

There's also the idea that he likely has homeowner's insurance on the property. If just his khando burned down, he'd probably be covered for most, if not all, of the "value" of said property at the time of purchase and would wobble away scot free (as is per usual pigroach luck). Unless he found some way to waive that requirement for the mortgage, I figure that insurance would cover him should such a catastrophic event happen and they honor the original value as the amount to pay out for the loss.

Most if not all insurance policies specifically exclude riots

 

[the khat quaffer]

Most if not all insurance policies specifically exclude riots

Thankfully, they're not riots, they're protests and demonstrations. Pig is finished.

Edit: it was sarcasm my guys

 

[Beetus Knuckles]

We had some speculation that he paid his taxes with a credit card, which would likely not be discharged since it was recent. Was the one filing from the trustee all we'll see, or will she submit some kind of line-item list of which debt is being discharged?

No creditors specifically challenged the dischargability of any debt, including any taxes charged to his cards, so Citi et al basically gave Dave a huge tip for his tax time begathon.

 

[QwahlityKahntent]

Thankfully, they're not riots, they're protests and demonstrations. Pig is finished.

if you're burning shit down, you're rioting, not protesting

Edit: it was sarcasm my guys

sorry, it went over my head!

 

[actually]

Is someone still pinging the court case to check for new documents related to the credit card companies? I see it being checked at about 3 AM PST the past few days.

 

[Prince Lotor]

Is someone still pinging the court case to check for new documents related to the credit card companies? I see it being checked at about 3 AM PST the past few days.

Yeah, I have been checking it like once a day for the last week. I just find it really weird that it's been a month since the discharge letters got sent and the court still hasn't issued a final decree and closed the case. Usually in a 'No Asset' case that happens almost immediately.
https://www.nolo.com/legal-encyclopedia/when-does-my-chapter-7-bankruptcy-case-end.html
I was just chalking it up to China Virus delays, also I figured the second I said it out-loud the court would inform Phil that in their research they found he's actually the heir to a small fortune or something.

Just seemed weird to me that the court didn't immediately issue the final decree and close his case

 

[DiabeticSP]

Yeah, I have been checking it like once a day for the last week. I just find it really weird that it's been a month since the discharge letters got sent and the court still hasn't issued a final decree and closed the case. Usually in a 'No Asset' case that happens almost immediately.
https://www.nolo.com/legal-encyclopedia/when-does-my-chapter-7-bankruptcy-case-end.html
I was just chalking it up to China Virus delays, also I figured the second I said it out-loud the court would inform Phil that in their research they found he's actually the heir to a small fortune or something.

Just seemed weird to me that the court didn't immediately issue the final decree and close his case

Have they been closing other cases?

 

[actually]

Yeah, I have been checking it like once a day for the last week. I just find it really weird that it's been a month since the discharge letters got sent and the court still hasn't issued a final decree and closed the case. Usually in a 'No Asset' case that happens almost immediately.
https://www.nolo.com/legal-encyclopedia/when-does-my-chapter-7-bankruptcy-case-end.html
I was just chalking it up to China Virus delays, also I figured the second I said it out-loud the court would inform Phil that in their research they found he's actually the heir to a small fortune or something.

Just seemed weird to me that the court didn't immediately issue the final decree and close his case

Are you able to see the credit company filings that MrHuth posted? If so, are there any others?

 

[actually]

It's been well over a month and the case does not appear to be closed out. Anyone know why that might be?

 

[DiabeticSP]

It's been well over a month and the case does not appear to be closed out. Anyone know why that might be?

I asked a few posts back but its been awhile so I'll just ask again instead lol.

Is there a way to see if other court cases are being closed out that were handled around the same time as Phil? Maybe people on the same call as Phil?

 

[marlintan]

It's been well over a month and the case does not appear to be closed out. Anyone know why that might be?

A judge has to sign the bankruptcy, so that could be a hold up.

 

[tzgnilki]

there's something fishy going on with his tax payment plan

when you haven't fully paid, and you want to carry-over what you owe, and add it to another year of taxes, the payment plan goes into default, then you apply for a new one with the combined total

DSP has blamed the bankruptcy for "cancelling" his payment plan

yoinked from the tevin restream