[26 May 2021] Midfirst Bank Court Hearing - Another day off? I can’t handle this dood! I need dat money!

[twattycake]

The story's fictional but I bet something like that happens all the time in bankruptcy proceedings where suspiciously convenient circumstances are routine and de rigueur

They are, reading lolsuits is actually a hobby of mine (still single ladies!). A business which filed bankruptcy late last year had assets which were exactly equal to its liabilities and tried to retroactively change its CEO's pay from an advance to regular salary which oh-so-conveniently meant it was not fair game for the court to seize and distribute. Even the creditors who objected didn't bother fighting that point.

To give you an idea of how lax bankruptcy courts are, the only high profile bankruptcy denial I am aware of was the one earlier this year for the National Rifle Association. That suit included such gems as admitting they were solvent and that the filing was meant to circumvent a lawsuit by the Attorney General of New York - I'm sure the NRA's attorneys were either thinking "goddamnit" or "shut the fuck up already" whenever one of their witnesses took the stand.

 

[DiabeticSP]

Something like 99% of normal bankruptcies get approved because bankruptcy is designed to protect regular americans from a lifetime of debt due to unfortunate cirvumstances and (more commonly) retards from themselves.

Phil is a retard whose paid like 300% of his credit lines in interest.


Afaik the bankruptcy did not remove the house from Phil's possession. So the foreclosure is a separate legal process that might take a year+ to resolve itself since the lean can't happen til the house is actually sold.

If the house had been sold to cover Phil's debts, then he couldn't be slapped with additional foreclosure costs. But he kept the house, even if he doesn't plan on keeping the house.

It'd be like declaring bankruptcy but keeping your car. And then after bankruptcy is over refusing to pay your lease. You still are on the hook for that money.

Slighrly different since Phil positively affirmed the WA condo and car but you get the idea.

 

[Hrothgar]

There was a movie or TV show or something I saw once where a group of people point out a suspect had taken out a life insurance policy like 2 weeks before a murder or suspicious death and the detective didn't think it was suspicious because "it seemed to happen all the time actually".

The story's fictional but I bet something like that happens all the time in bankruptcy proceedings where suspiciously convenient circumstances are routine and de rigueur

Spoiler: off-topic

Its bugging me where I remember that story from, if anyone knows remind me kthxbye friend.

Oh, I'm also sure shady shit happens all of the time. I just like to think that Phil took the laziest and stupidest approach possible. Like, instead of coming up with an actual difference between big real adult business expenses and smaller real adult living expenses that totaled living well beyond means, he just said "I make ten thousand. Five in business expenses, five in personal, time to tug it for five star Hogan."

Then again, it worked, so I guess it wasn't really the stupid approach.