DSP's Bankruptcy Pipe Dream - Spoiler: It's not saying "I'm not paying" like he thinks it is.

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There's 3 options.

Spending on kat/buying stuff
Gambling to get out of debt
Paying cc interest
 
We know he plays or played mobile games in the past. WWE Supercard and DB Battle Dokan.

Someone with no regard for the value of money can piss away a lot of it whaling.
 
That Hedonist Nerd said:
He can't file chapter 11, since that's for corporations only and he isn't a corp
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Sole proprietors can file under Chapter 11 if they want. Under Chapter 13:
  • you have to deal with a trustee
  • you have to close all your bank accounts and re-open them debtor-in-possession
  • pay a lower filing fee (about 80% less)
  • are heavily scrutinized for unnecessary spending
  • pay creditors for no more than 5 years
  • creditors do not vote on the plan but may object
Under Chapter 11:
  • you don't have to deal with a trustee unless you seriously fuck up
  • you can keep your accounts open
  • pay a higher filing fee (about 4x more)
  • are less scrutinized for unnecessary spending
  • pay creditors for as long as the plan says
  • creditors vote on the plan
That final bullet point is a big problem when you have a lot of unsecured debt. In order for your plan to be approved it has to be approved by a majority of your creditors* or the creditors* who have a right to two-thirds of your debt. These creditors could refuse to approve your plan unless you extend it for longer than five years. What happens if these creditors say "If you extend your plan to 15 years I will vote to approve it." You're fucked for 15 years unless you can "cram" the plan down which is a complicated process (read: your lawyer is going to charge you more money.)

* When I say this I mean creditors who vote. If you owe 100 people money and only 10 vote, you only need 5 approval votes to get approved. If you owe $200 and the people who vote have a right to $100 of your debt, you only need $67 of approval votes to get approved.
 
Didn't realize SP can do chapter 11. Don't know why anyone would want to to chapter 11, sucks compared to 13.
Though I'm not sure you're right about the account thing - we didn't have to close and reopen any accounts that I'm aware of. Though we haven't had the meeting with creditors thing yet.
 
That Hedonist Nerd said:
Didn't realize SP can do chapter 11. Don't know why anyone would want to to chapter 11, sucks compared to 13.
Though I'm not sure you're right about the account thing - we didn't have to close and reopen any accounts that I'm aware of. Though we haven't had the meeting with creditors thing yet.
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Some jurisdictions explicitly require it. The Bankruptcy Court for the Eastern District of Washington says the following in their local rules:
Upon entry of anorder for relief in a case under Chapter 11, the debtor in possession shall open or designate a depository account or accounts in the name of the debtor in possession, and close all old accounts. All funds of the estate shall be transferred to the new account or accounts. All receipts and disbursements of the debtor in possession shall be through the new account or accounts. All disbursements for living expenses of the debtor or for salary or living expenses of the debtor or insider pursuant to subparagraph (c) of this rule shall be in form of a check made payable to the debtor or insider.
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Interestingly the Western District where DSP lives doesn't seem to include this requirement. I think the US trustee program requires for filers who have to work with a trustee.
 

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@SoapQueen1 On your initial post, point 2 I think it was about him probably not being able to get chapter 13:
He will be able to file chapter 13.
I'd have to power level and reveal my finances, which I don't mind doing if people really need to know, but I can say with 95% certainty he'll be able to file 13. Bankruptcy lawyers have one job, and they do it well and there are a lot of tricks they employ/

Also, this should be stickied for the time being imho. Get the idea it'll become more important in a few months
 
If he files for bankruptcy, does his finances become public record? I seem to remember some confirmation/speculation about that a while back, but it may have been a dream I had.
SmileyTimeDayCare said:
Dude how? HOW do people let that shit happen to them?
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I can’t and won’t speak for other people, but Philip suffers from a condition that we here at the farms like to call “being rétarded”.
 
harbinger said:
If he files for bankruptcy, does his finances become public record? I seem to remember some confirmation/speculation about that a while back, but it may have been a dream I had.
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Yes.

This avoids power leveling, but I just searched PACER for my case. When I click on it, these are my options:
bankruptcy.PNG

Everything is there. Income, including the breakdown. All the creditors. Etc

I searched to see if you can suppress your bankruptcy, and it said only in rare occasions.

In rare cases, some of your bankruptcy records may be sealed because they contain sensitive information. This information might include:
  • Health records
  • Trade secrets
  • Proprietary information
  • Information regarding minors
  • Details about a crime (either alleged or convicted)
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That Hedonist Nerd said:
@SoapQueen1 On your initial post, point 2 I think it was about him probably not being able to get chapter 13:
He will be able to file chapter 13.
I'd have to power level and reveal my finances, which I don't mind doing if people really need to know, but I can say with 95% certainty he'll be able to file 13. Bankruptcy lawyers have one job, and they do it well and there are a lot of tricks they employ/
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Reading what I wrote now I don't know what I was getting at in that bullet point. I'm sure he'd qualify too.
 
chicken wings said:
The usual DSP shortsightedness. Bankruptcy is going to fuck his credit score into oblivion. I hope Kat doesn't mind putting everything under her name if heaven forbid they do decide to settle down.
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I remember dave saying khet also had debt

I have the suspicion that the $1800 had something to do with the bankruptcy thing

could he already have filed for bankruptcy? or would autists already know
 
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tzgnilki said:
I remember dave saying khet also had debt

I have the suspicion that the $1800 had something to do with the bankruptcy thing

could he already have filed for bankruptcy? or would autists already know
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I just checked PACER and nothing comes back for him
 
@That Hedonist Nerd Do Phil and Kathy have to file for bankruptcy jointly as a single unit since they are married? Would this process also discharge Kathy's debt as well?

I'm not very familiar with it, but I have a hard time imagining how Phil would convince a judge he is in an overwhelming and insurmountable amount of debt when he and his mare pull in like $140K a year.
 
tzgnilki said:
did you try burrell, he likes misspelling his name to hide from gay ops
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so if he mispells his name (whether its on purpose or not) is there not some sort of consequence to that? like filling your taxes improperly prompts a response from the irs for you to correct it
 
Shambler said:
so if he mispells his name (whether its on purpose or not) is there not some sort of consequence to that? like filling your taxes improperly prompts a response from the irs for you to correct it
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Given that someone else could have input the name (say, transcribing from a written form), it's unlikely. Besides, IRS would have your Tax ID Number or Social Security number. Now, if you fuck that up, there's going to be issues.
 
Shambler said:
so if he mispells his name (whether its on purpose or not) is there not some sort of consequence to that? like filling your taxes improperly prompts a response from the irs for you to correct it
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he has had the wrong name on some of his stuff for a while, he probably blames the teller
 
Prince Lotor said:
@That Hedonist Nerd Do Phil and Kathy have to file for bankruptcy jointly as a single unit since they are married? Would this process also discharge Kathy's debt as well?

I'm not very familiar with it, but I have a hard time imagining how Phil would convince a judge he is in an overwhelming and insurmountable amount of debt when he and his mare pull in like $140K a year.
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I don't know if it's the same every state, but in my state we can file jointly, or just the person that has debt can file. If he filed as an individual, I don't know if her income gets counted in his forms. I'd assume so, since it asks for household income, but no idea.

And yes, I tried Burrel. I also tried Phil Burnell, Phillip Burnell, and Philip Burnell just now to cover my bases.

Though it's probably too early. If he needed that $1800 for the lawyer, then that means he's probably going to start filing this month, which means we should check 12/1. I'll make a note of that and try again then.
 
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