Hello, all you beautiful people. Yep, this is it. 2011’s big news. The piece de resistance. The Big Kahuna. La Gran Enchilada.
The Menage a Trois
Chapter 7. Yeah, I know I usually post some psychobabble before hitting you with the big one, but hey. This is easily the biggest thing that has happened in this saga ever since Mommy did the BK thing last year.
But this is the State of Calipornia we are talking about. We already know NOTHING will happen, and so does Casey. He has been toying around with fraud in small doses, and has been getting into heavier stuff – he has just realized that he’s still within what is considered “acceptable criminal behavior” (my words, btw) in his State, and he’ll not be prosecuted. At this point, I wonder if Casey could get away with murder; it seems so. Thank the Honorable Judge Holman and the people at the Sacramento Court.
Tell them James Marks sent you. No, wait. Don’t do that. Things could get ugly.
Now, I need to make this clear from the beginning. I’m no attorney or lawyer (I actually have some shred of dignity left, thank you very much), but from what I’ve been able to understand (why do you lawyers have to make things so freakin’ difficult? Next time I send you a proposal I’ll use logarithms, fuckers) Casey’s BK is merely a stall tactic. It doesn’t make any sense at all; at least if he intends to keep his (two) houses. Rant on.
So, let’s start from the beginning. Here are all of Casey Serin’s relevant BK files. Go get them, tiger.
Now, let’s get on with the specifics. It’s hard to understand what Casey just signed without knowing, exactly, why he chose 7 over 13. So… What, exactly, is Chapter 7?
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States. (In contrast, Chapters 11 and 13 govern the process ofreorganization of a debtor in bankruptcy.)
It’s liquidation, not a reorg. So what’s the difference? It’s pretty important to know about this before trying to understand what Serin did, so please bear with me. I’m sorry to make you read this much. I know you’d rather look at pics of
…well, you know who. I know I would.
…the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed.
…the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors.
Still don’t get it? Let’s see what each BK type means, and how it applies to ShitHeaded Retardo (aka Casey Serin):
- You have little property except for the basic necessities like furniture and clothing. LIE. Casey owns (fraudulently) 2 properties.
- You have little or no money left after paying basic expenses each month—or you’re not even meeting basic expenses. True. Casey only has enough money to buy his monthly dose of pot.
- Most unsecured debts can be discharged (completely eliminated). According to Casey, he shouldn’t throw good money away by paying back old debt.
- The process moves quickly—you may receive your discharge in just a few months
- Creditors can’t contact you while the automatic stay is in effect—or after debts are discharged. (Casey’d love that).
- Debtors who have qualified under the ‘means test’ and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection. (Hmm)
The way I see it, Casey does NOT qualify… let’s see what Chapter 13 is all about.
- You have significant equity in a home or other property and you want to keep it. (This is what “reorganization” is all about – you get to keep your stuff, not liquidate it.)
- You have regular income and can pay your living expenses, but you can’t keep up the scheduled payments on your debts.
- You can keep most of your property while spreading out time to pay past due accounts (Casey will not be paying a cent – but he’s going to challenge the lender (Sue the Lender!) and try to keep the home. Bet on it.)
- You’ll have 3-5 years to catch up delinquent accounts according to a schedule that you and the bankruptcy trustee have agreed is workable for you.
- You’ll make one monthly payment to the bankruptcy trustee for distribution—you’ll have no direct contact with creditors during the protection period of 3-5 years.
- Co-signers may be protected
- Any individual debtor whose unsecured debts are below $360,475 and whose secured debts are less than $1,081,400.
So, now that we know what the fuck Casey just signed we can start asking questions.
1. Why did he chose to liquidate his assets, instead of keeping them? (Answer: because a) he doesn’t intend to follow the procedure anyway, and b) because he’s going (at least he “thinks he’d like to” ) to challenge the lenders in court.)
2. Did he have the pre-filing session?
Bonus points (again): why did he declared, under oath, etc., that he didn’t own any properties when he also owns (besides 4932 Dewey Drive) Irina Petrashishina’s home?
Allow me to explain WTF is going on, because this is going to be the source of many LULZ further down this post. Irina Petrashishina – who is she?
Estimated assets: $0 to $50,000. LIE. He owns two homes.
Estimated liabilities: $50,000 to $100,000. LIE. He owes closer to $60,000.
Exhibit C: LIE. He does own a property that poses a threat of identifiable harm to public health: his enema cleansed ass (OK, I’ll let that one pass).
Summary of schedules:
Schedule A: LIE: He owns two homes, he only lists assets for $200,000 (interesting, since he said before he only had $0 to $50K ).
Schedule B: LIE: He at least owns a laptop, a cellphone, and clothing far exceeding $100.
Schedule D: LIE: He owes far more than $353,000 – that’s just 4932 Dewey Drive.
Schedule E &F: LIE: He’s trying to hide his shady past by stating no creditors hold unsecured priority & non-priority claims.
Statistical summary of certain liabilities: Didn’t even try to fill it out.
Schedule B: LIE: although I believe he at least has $100 cash on hand, he surely owns household goods, books (his “guru” training), wearing apparel (as shitty as it is), hobby equipment, office supplies, animals (his balls must be infected with lice) and other personal properties.
Schedule D: Need I go on? He says the only creditor with a secured claim is Citi Mortgage. FFS. FFS. FFS. Same with Schedule F.
Schedule I: Didn’t even bother to fill it out. Same with J.
I hope you agree with me on this one. I’d think that nobody in his right mind would forget $600,000 in debt, or would consciously not fill in every form of a $275 process. Unless he was messing around with the system, or he had no intentions of going through with the process. But I’ll go one step ahead. This guy is beyond creepy.
It’s mind-blowing to think he mentioned too many times in the past he didn’t want to BK because all the cashback at close he took, and the fact that he mentioned he used liar loans in order to get his 7 homes.
Moral Issues of Bankruptcy…
One one hand it feels like “weaseling” out of my responsibilities. On the other hand, if I take the bankruptcy route and wipe off my debts, I can focus on rebuilding my real estate business and moving forward.
Since I want to do the right thing and please my Maker, I am giving the moral issues extra consideration.
Dave Ramsey in The Truth About Bankruptcy says:
Myth: I’ll just file bankruptcy and start over; it seems so easy.
Truth: Bankruptcy is a gut-wrenching, life-changing event that causes lifelong damage.
The Christian Science Monitor in The Moral Burden of Bankruptcy compares the two views from a biblical perspective:
To make this case, bankruptcy’s critics often cite Psalm 37:21: “The wicked borrow and do not repay, but the righteous give generously.” From sources such as Crown Financial Ministries and Dave Ramsey’s nationally syndicated radio show, advice seekers hear they have a duty in most cases to keep their payback promises even when life throws them a curve ball.
But another school of thought sees a more complex picture in which lenders also face admonitions to forgive debts. For instance, Jonathan Alper, a bankruptcy attorney in Orlando, Fla., reminds distraught clients that the American legal tradition of allowing for bankruptcy stems from Deuteronomy 15:1-11, which calls for debt forgiveness every seven years. Others agree with Mr. Alper that those who are able should repay, but those unable to do so should not feel guilty.
The most obvious form of legal amnesty is bankruptcy, at the heart of which lies a simple behavioral phenomenon with an interesting twist. The simple phenomenon is this: A debtor who is already in over his head will not pay, whether or not there is a legal mechanism for discharging his debts. There is a kind of Laffer curve of debt: A little bit tends to be repaid; a lot tends to be ignored. (Hence the old saying that if you borrow a little money from a bank, the bank owns you, but if you borrow a lot of money, you own the bank.) This simple phenomenon has a simple explanation: If all or almost all my future income is going to go to my creditors because I am drastically overextended, I have no incentive to work. I’ll starve if I work (because my creditors will take everything) and I’ll starve if I don’t—but at least then I’ll starve without having to work. By demanding everything, my creditors will get nothing, because I am in a hole too deep to dig out of.
The temptation is to say, it can yield nothing else—the debtor who is in way over his head can’t and won’t pay, so “forgiving” the debt is really just an acknowledgment of reality. But that ignores another option, one the law embraced not so very long ago. In the early years of our nation, debtors who would not or could not pay were imprisoned—a very common rule in many legal regimes going back to ancient times. Recall Jesus’ story in Matthew 5: “You shall not come out of there until you have paid the last cent.” Imprisonment for debt is really quite logical: When ordinary civil remedies no longer work, the system should, one might think, resort to more serious punishment. And the truly improvident debtor has often borrowed money he should have known would be beyond his ability to repay. This is akin to theft, and in modern legal systems theft leads to imprisonment. This points up the real choice the law faces when a debtor is in over his head. The law can of course wipe out the debt, as it does. But it can do something else instead: it can wipe out the debtor.
A New Chapter (7) in my Life?
I recently met with two bankruptcy attorneys and ran my situation by them (including liar loan issues). They see no reason why I can’t just go with bankruptcy right now and wipe off all my debts. Since I am NOT trying to protect any assets, Chapter 7 bankruptcy is the recommended option for me.
Note, bankruptcy will not wipe out the liens on the properties – just my obligation to repay the note. So the lenders will continue with foreclosure. But bankruptcy can stall the foreclosure process by 1-3 months. That may give me extra time to sell the properties and pay back the lenders as much money as I can. I want to minimize the loss to my lenders as much as possible.
So since having a bankruptcy on my credit is not going to affect me that much , why would I NOT file bankruptcy right now?
I have only had two reasons holding me back from BK’ing out:
1) Ethical / moral issues covered in my prior entry: To BK or Not BK – the Moral Issues with Bankruptcy
2) The challenge of Paying Back Every Dirty Penny creatively.
Now, he doesn’t care about it. Can you believe how much he has changed in only 4 years? Why did that happen?
He has found out, the easy way, that courts
in California are so stupid they won’t even wink about a family declaring BK 3 times with 3 different sets of “owners”. First it was Aleksey and Anna Serin. Then it was Anna. Then, it was Casey. Nothing happened, other than the first one being dismissed for not even following a single payment and the second one because of it being moot. At this point, I bet the Crime Family thinks about paying their mortgage as the stupidest thing in the world; they don’t do it, and yet they keep their home. Sweet win-win! Besides, it’s not as if they are going to be able to pay their debts back, so their strategy of complicating things enough so that banks aren’t able to simply foreclose the property seems to be working.
I’m pretty sure that if Aleksey isn’t willing to declare BK, the Crime Family could transfer the deed of 4932 Dewey Drive to their dog, have him declare BK and the court wouldn’t even hesitate to process it.
I should write a new blog: “How to defraud the California State the Serin way and keep your home – for free!”. I bet I’d get even more visitors than with this one. Hey, there’s an idea worth exploring.
Casey’s BK is a theme I’d like to explore further on, and trust me, there’s lots more to be said. After all, Casey’s story writes itself; I think of myself as mainly an Apostle of the Apocalypse at this point.
Hey, Judge Holman! I’m doing all the work for you! Tell Aceituno we’ve got the bitch!
February 3rd, 2011