People are not grasping how much money just got freed up. If Phil spends a month or two ignoring the mail and not spending his money on stupid shit, he can get a good lawyer to deal with the foreclosure
Or he can ignore shit for a couple of months, drop say 75% of the pile of extra money on midfirst's steps and say "well, how about I do this like three more times, you take the condo and we call it even?"
Why do you keep writing fanfiction of a DSP with an intelligence? If Phil had that mindset, he wouldnt have had to declare bankruptcy in the first place.
People dont care how much just got "freed up" because A.) the amount discharged is only 1/5th of his total debt, so its nowhere near as much as you think it is, and B.) Phil will get himself into a worse situation in a years time. None of the CCs cared about this because they all made more off of Phillip then the debt they owe, its been all profit for some time, and he will do the same garbage to himself yet again, while still being in serious debt for the WAHkando, car, taxes, and the CONNdo, which was freed from the bankruptcy and is currently being pursued independently, so Midfirst will absolutely still be able to collect on the $50K+ phil will still owe them.
The money Phil has "freed up" with this process is no more permanent or life changing then the $1200 bailout checks. He's spent all his $$$ without credit cards anyway, not having the debt isnt giving him any extra $$$. It's not like the bills have regularly been paid up to this point, he hasnt charged anything to credit since the filing, hes been doing it all through paypal, no spending changes. He is flat out broke, and what little funding not paying the minimum on 12 cards is freeing up will promptly be tied up in 10 more CCs after then with significantly higher interest % attached.
The bulk of his expenses are from his mortgage. He hasnt pain on the CONNdo in almost a year, the bankruptcy doesnt change that. Of all his CCs put together, since he was only making minimum payments,
he likely was spending, at most, 500-600 a month in CC bills, assuming $40 average minimum payment on 13 credit cards at once. That's all hes getting back. That's not much in the grand scheme of DSP. You are dramatically overestimating his expenses, after all Kiwis tried to add up all his expenses, both business and personal, and STILL couldnt get to $4k a month. That includes both mortgages and CC debt and the car and tax payments. His credit was good, so his CCs likely had low % total payment and fee payments.
OK, so if he owed 1% of his total balance and a $10 finance fee per card, that would put him at $1300+$130=$1430 a month in CC payments. A more substantial amount, but not nearly enough to make a huge dent in his live given this guy makes $120K+ a year. This also assumes none of his CC debt is from his tax payment and therefore cannot be discharged.
