DSP Bankruptcy Questions - QUESTIONS ONLY

[actually]

I'm trying to organize this Category 6 'tism hurricane so we can have easily read information available. Accordingly, I'm making this thread for bankruptcy questions.

Thread rules:

1) Questions only. No comments, responses to other questions, etc.
2) Try and avoid repeats. If you want to add on to a question, quote that bitch and then add your shit.

Anything outside of those will be moved to the shitpost thread.

My goal is to take the major questions and put them in a FAQ in the informational thread. I'm also going to be working on putting up information there as I can sift through the documents, complete with pictures and shit.

Edit: I've started adding questions to the FAQ/Analysis thread. If your question has been struck, the answer should now be in the FAQ thread. If the answers are still not quite good enough, ask again in this thread for clarification on whatever you don't understand. Soapqueen made an LLP thread where you can find most of the answers to your questions regarding the legal issues of the bankruptcy. The Analysis thread is going to focus on the documents themselves, including the mistakes/purposeful omissions contained within.

 

[Kheapathic]

What kind of hard time is Phil looking at, namely for lying/bankruptcy fraud?
What level of Country Club to Super Max prison and what length of time

What level of guilt can/does his lawyer share for letting him submit that bootleg set of paperwork?
(Answered in FAQ thread now)

 

[The Last Stand]

Say DSP gets caught lying about his finances during the bankruptcy process, what will happen to him or his hidden assets?


Is this affecting DSP or his "business"? Is Kat affected by it since they're married?
(Answered in FAQ thread now)

 

[Slav Power]

Asking as a foreigner, what exactly filing for bankruptcy is like in the US and what does it mean for DSP?

Read the bankruptcy announcement thread, and look in the FAQ thread as well for some relevant links.

 

[Salubrious]

What level of guilt can/does his lawyer share for letting him submit that bootleg set of paperwork?

To add to this, how badly does DSP have to lie before the lawyer faces charges and/or disbarment?
(Answered in FAQ thread now)

 

[RemoveKebab]

Will the courts verify DSP's income and expenses prior to granting Chaper 7 bankruptcy?
Technically, he does not qualify for Chapter 7 with his actual income so he should have to file for Chapter 13.

 

[The Last Stand]

Does he get to keep the chair?

 

[Admiral Mantoid]

Does Phil have any chance of getting out of this one? Its not that I care what happens to his sorry ass, but considering how he somehow always finds a way to escape the consequences of his dumb mistakes, I'm curious to see if his dumb luck has finally run out.

 

[h0g]

Would the court be able to look at his 2019 federal income tax filings? Obviously we'll never see that but there's absolutely no way he only made 56K last year.

 

[tzgnilki]

can we expect to see "521 documents" provided during his meeting with creditors, these will include bank statements

 

[Ningen]

What excuse did he use to claim that those 50k were business expenditure? Can he get into legal affairs with the IRS just for that? Is he paying any corporate tax that we know of at moment of Bankruptcy or is his One Person Corporation being taxed as part of his personal income with expenses as deductibles?

Spoiler: A heads-up, technically not a question

Keep in mind that I am not American too, so I have no fucking idea how most of this stuff is around there. @Slav Power is right that most of us non-Americans ignore what Bankruptcy really entails in the States

 

[behind_the_scenes_begging]

Are bankruptcy lawyers in the USA/WA obliged to notify the court or correct the record in some way if they learn their client has misled the court on things like their income or assets?

 

[Trigger Me Timbers]

What’s the chances of him claiming so much life stuff (primarily all his electronics) as business stuff will he get to keep?

Traditionally, you can claim computers and phones for business sure, but if you go bankrupt that means your business has failed and traditionally you should sell that stuff off right?

 

[Vault Boy]

What are the odds of some of his shit getting repo'd?

 

[A Shiftless Drifter]

How likely is Phil to actually get in trouble for lying in his bankruptcy documents? Are they just gonna have him to pay a fine/refile or are they likely to tell him to just fuck off?

 

[N0thingICanDo]

In the analysis and FAQ thread, don't we also have to factor in the fee for Phil hiring this bankrupcy lawyer as well as this year's commission for the TAX guy? How the fuck will pay them when the goverement will liquidate all his asset and then he "has zero dollar in my account" again?

 

[RIPRhongoBongo]

In the likely case he has to actually get a real big boy job, would this exclude him(assuming he's dumb enough to shoot for anything close to his Wells-Fargo days)from any specific industry or positions?

 

[BrokeACKMountain]

He claims he spends $5000 a month on "business expenses".

I have a few questions on this:

1. Will he have to provide proof of this?
2. If so, what could be possibly write off as a "business expense" that would be worth $5k a month?
3. What would be the repercussions if he was caught outright lying about this (not exaggerating or "stretching the truth")
4. What kind of crack is he smoking and where can I buy some?

EDIT: Mostly answered in main analysis thread. But where can I buy the crack?

 

[Regginmcaids]

ignoring any inconsistency and or lies in these documents what are the chances this just gets thrown out anyway?
and
Do you guys think the Kiwifarms will be used as evidence in his case?

 

[Providence Backing_21]

When he's not approved for chapter 7 because he makes more than the median income. What assets will then be protected in chapter 13? Will the Homestead act protect his Wakadoh? Is it better for him to file under Washington state bankruptcy or federal bankruptcy?

If court doesn't approve him for chapter 13 or the secured creditors get impatient with his games what can the creditors seize to pay off debt owed?