He has assets, but they're either so worthless they're covered under the various exemptions or Nancy didn't feel like they were worth bothering with. The only one I'm surprised about is the condo itself, as it's value has skyrocketed, at least based on the other comparable. But it seems like Nancy just said "fuck it" and noped out.
It makes perfect sense though. Lets say the condo was worth 430K, and phil owed, say, 250K on it. Now, you or me look at that and see $200k of equity to pay off loans. The banks see it differently.
They have to sell it at auction, so they are not going to get a fair price. Same reason midfirst isnt going to get 60K for the CONNdo. So say they, SOMEHOW, sold it for 400K at auction, which would be
goddamn amazing,. And then Phil gets to keep the first 125K of equity, 250K goes into paying off the secured debt. This would only leave 25K$. This has to pay Nancy her cut, and the auctioneer, and the listing agent, and any state or local fees. After ALL that bullshit, there's nothing left for the creditors. THAT's why the "sell the WAHKANDO" plan was always far fetched, and would only happen on a forced technicality. At the more likely price of 325-350K, even nancy would get jack shit, because there wouldnt be enough to get phil his 125K after the mortgage was paid. Rule of thumb is an auction property will get less then half its real value, so that would only be 200-215K. Is it any wonder they didnt sell it?
The only way that plan would make sense is if the WAHkando was somehow worth $1M+, and even then, with it being his main residence, the courts would still be hesitant to throw him out. Asset cases only get juicy if the value of said assets is high enough to risk an auction, and that takes a huge amount. Everyone got hyped up because of the value without considering that the auction value of the WAHkando would be way lower, while somehow recognizing this very fact with the CONNdo. Same with his gamer shit. All those statues and consoles and electronics may have value, but at auction you are going to get fuck all for them, and the costs to list it all would be exorbitant. Short of having a warehouse full of those statues, the courts wouldnt bother touching them. If you ever watch debt collection shows (my favorite is "cant pay well take it away") you see exactly how little they are willing to take, mostly cars and other big ticket items, because of how hard it is to sell that stuff at auction and make any kind of money.
www.courtlistener.com
www.jacksonvillebankruptcylawyerblog.com
www.justice.gov
