As my regular, long-suffering readers will know, some time ago, I applied for -- and got -- lifted the stay of proceedings regarding the personal bankruptcy of Lloydminster's Lord Baron Twatrick von Loadenhosen, which means that, despite his ongoing bankruptcy, I don't give a fuck as I now have the right to collect the full current amount of around $115,000 that he owes me; in effect, I have not the slightest interest in Patrick Ross's bankruptcy as I now have nothing to do with it. But ... here's the kicker.
As I was the original creditor, I was still curious about how Patrick would get out of bankruptcy, so I arranged a chat yesterday with one of the senior analysts at the Office of the Superintendent of Bankruptcy, who cut straight to the facts and assured me of two things.
First, the only way for Patrick to get out of bankruptcy is to pay to his former trustee (still the trustee-of-record) the outstanding amount of his 2014 Conditional Discharge Order (CDO) which -- based on my back-of-napkin calculations -- is around $25,000, so let's just call it $25K. Let me say that again: to get out of bankruptcy, Patrick need only hand over that $25K to his former trustee and he is out of bankruptcy.
But second (the bad news for Patrick), that payment would in no way affect what Patrick owes me since I am no longer associated with Patrick's bankruptcy and have no interest in it.
In short:
- Patrick can get out of bankruptcy for nothing more than what he owes on his court-imposed CDO, but
- That payment will not reduce what he owes me in the slightest and I will continue to pursue collection proceedings against him for that full $115,000.
I actually speculated this was the case a while ago, but it's nice to have it confirmed by the people in charge.
Patrick Ross: $140,000 and he gets his life back.
6 comments:
As someone who has some knowledge in this area, I think you're missing one component -- even if Patrick hands over the full outstanding amount of his CDO, depending on how many years in arrears he is with his former trustee, he is absolutely going to have to provide a full accounting of all of his after-acquired assets for those years, and that will include any inheritance from both his mother and (recently-departed) father.
And it doesn't matter if his father's will hasn't been processed yet -- it's considered an after-acquired asset if it's an inheritance simply listed in the will, effective the date of passing. That's to prevent people from using a loophole of refusing to accept their inheritance until they're out of bankruptcy, then taking it and getting to keep all of it.
There's no way a competent trustee will simply accept the outstanding CDO amount without demanding to see an accounting of all those missing years.
Anon @ 9:44 AM: That is a good point that I had forgotten about, and it might be significant given how much time Patrick has spent working in the oil patch, and the possible inheritance(s) in question. So his getting out of bankruptcy might be more involved and expensive than I thought, but let us keep in mind the most important point -- whatever it takes him to exit bankruptcy has absolutely nothing to do with what he now owes me.
Every time I think Patrick can't fuck up his life any worse, you manage to surprise me.
The tragedy amongst many for Patrick Ross.
Both of Patrick's parents went to their graves knowing, despite being perhaps slightly or more wackadoodle, that their son is a total loser.
That should haunt Riss for the rest of his life.
But it won't.
$0.00 and Patrick will be fine and dandy.
So, Twatsy might be able to get his life back for $140,000. Problem is, his pathetic life isn't worth nearly that much.
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