[Dec 15 2019] Foreclosure Saga - http://civilinquiry.jud.ct.gov/CaseDetail/PublicCaseDetail.aspx?DocketNo=FBTCV196091825S

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Will DSP file his bankruptcy before MidFirst Bank gets their hands on his WAkhando?

  • Yes

    Votes: 112 51.9%

  • No

    Votes: 104 48.1%
  • Total voters
    216
It hit me this morning that Phail has to pay taxes on what was discharged in the begruptcy. That's why he's been so pissy. He doubled what he usually owes.

In general, if you have cancellation of debt income because your debt is canceled, forgiven, or discharged for less than the amount you must pay, the amount of the canceled debt is taxable and you must report the canceled debt on your tax return for the year the cancellation occurs. The canceled debt isn't taxable, however, if the law specifically allows you to exclude it from gross income. These specific exclusions will be discussed later.
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Topic No. 431 Canceled Debt – Is It Taxable or Not? | Internal Revenue Service

Topic No. 431 Canceled Debt – Is It Taxable or Not?
www.irs.gov www.irs.gov
 
Iron Hamster said:
It hit me this morning that Phail has to pay taxes on what was discharged in the begruptcy. That's why he's been so pissy. He doubled what he usually owes.



Topic No. 431 Canceled Debt – Is It Taxable or Not? | Internal Revenue Service

Topic No. 431 Canceled Debt – Is It Taxable or Not?
www.irs.gov www.irs.gov
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Not for Chapter 7 or 13 bankruptcy. What that is talking about is if Phil had personally worked out paying a smaller amount to his creditors without filing bankruptcy.
www.bankruptcytruth.com

Income taxes on debt discharged in bankruptcy | Walker & Walker Law Offices, PLLC

Learn what you need to know about income taxes on debt discharged in bankruptcy. Need more help? Call our bankruptcy attorneys now on 612.824.4357.
www.bankruptcytruth.com www.bankruptcytruth.com
 
DogZero said:
according to him he tried to get approval from the bank to short sell and they said no.
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tzgnilki said:
i'm not surprised that a bank wouldn't turn a mortgage into an unsecured loan
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Sorry I should have been clearer: Phil owed $120k in mortgage debt on a $60k property when he moved to Renton in 2014, so the bank would have broken even if he and the buyer had each put up $60k - in other words, putting up $60k of his own money is what it would have taken to make it a regular rather than short sale. This is still a ton of money but it's probably tens of thousands less than he'll end up paying for the property to stay vacant.

I don't know if that is legally a short sale but I feel comfortable saying banks don't care about terminology so long as they aren't incurring legal or financial risk.

Edits: Slight editorials/clarifications

Second edit: Changed a word to make it clear he's paying more by letting it sit vacant for so long.
 
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AnOminous said:
I have a law degree but am not a "real lawyer" in that I don't practice and have no active bar membership. Phil should be actually glad other than that he's sucking up kahndo fees because if they MidFirst actually gets all their money, he won't have even the chance of a deficiency judgment against him. It's typical of Phil's spiteful nature that he's literally bitching about something that benefits him because it also benefits the creditor he tried to shaft.
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I had the impression you were a trial lawyer who ended up disbarred for screaming in court the judge is a cum gargling fat faggot in response to him overruling an objection
 
foreclosure update

court date next month according to a comment, but this link won't load for me

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Red Bistro said:
Based on 5 seconds of research it seems like an event on a "short calendar" is simply something the judge needs to decide upon. In this case I'm not sure what it would be, and it's also not clear that DSP actually has to make an appearance before the judge.
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I'd assume this is something automatic that just happens, but I almost hope someone asked the judge what the fuck he's been doing the last year.
 
PieceofShet said:
Anyone can explain whats this? What happens?
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From what I can tell short calendar refers to in-court arguments and the docket will only be updated if the judge issues an order. If this is another procedural step, we see nothing. If the judge actually does something, we'll see when s/he adds it to the docket. There is a number to call for updates on a specific case and many trials are open to the public, but that crosses into gay ops/Autistic Illuminati if you ask me.

I'm leaning towards "SOMETHING will happen at last goddamnit" simply because Midfirst already won a default judgment against Phil. Even if there's some convoluted legal formality they have to go through it's been almost half a year and the default means they have no obligation to give him time to respond or even serve him anymore.

Red Bistro said:
In this case I'm not sure what it would be, and it's also not clear that DSP actually has to make an appearance before the judge.
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This is a civil case so Phil can't be arrested or fined for not showing up. No-showing prevents him from presenting evidence in his own defense but that's barely relevant with such a cut-and-dry case. The Discord leaks also showed he believes the deficiency is unenforceable after his bankruptcy so I expect he knows less than us about his own foreclosure right now.
 
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So chances are after that court date, Midfirst takes possession of the CTKhando and Phil frees up the khando fees. Generously that's $500 more a month for Hulk Hogan!

Does this free up $6000/mo when you include the credit cards that were written off?
 
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The last anticipated court date was another short calendar entry for the same cause against the same defendants. I guess the court appearance last year was just a dud.
 
I wouldn't get your hopes up. Most likely, the judge will just grant the strict foreclosure motion. The only remotely interesting question is whether MidFirst tries to collect on any deficiency, but don't count on it.
 
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