Speaking of retirement, what happens to retirement savings when you go bankrupt? And is there a difference between a 401k or like an IRA during bankruptcy?I'd argue that the detractors have already won. Phil is almost 40 and, according to him, has nothing saved for his retirement. Imagine that. I'm more than 10 years younger than him and already have some thousands saved up in order to retire as early as possible. I can't fathom being his age and living paycheck to paycheck.
And he is also declaring bankruptcy. He can try to spin that as something "ultimately pahsitive", but everyone knows that declaring bankruptcy is the business equivalent of admitting defeat. He had life served to him on a silver platter, and managed to squander it entirely.
Losing his house would just be putting a little more salt on his wound. But he's fucked enough as it is.
Edit: an nevermind, I looked it up and retirement accounts are pretty much safe.