[16-Jan-2020] DarksydePhil is filing for bankruptcy (general thread) - and has officially done so on January 31 2020, meaning a lot of his finances have become public

[James Smith]

I believe this to be accurate. This is how much I calculate him having to pay per month, for 60 months, toward the plan to be compliant at a minimum. $143,700 toward the bankruptcy in addition to paying for his normal bills, his WA condo, and his Corolla. This is only a minimum and him keeping the WA condo may actually result in it going up.

Let's say he wants to keep the condo and he has $150K of excess equity in it. His monthly payment increases to $2,500. $200K in excess equity? $3,333. You get the picture. Based on my estimates he has between $40K below the exempt equity to $148K above it, which means he may cost himself just a couple grand over 5 years by keeping the condo. Shit, maybe his luck is just that good.

 

[actually]

That's certainly less than he is paying now...

 

[James Smith]

That's certainly less than he is paying now...

That monthly payment represents $60-120K of minimum payments on credit cards.

He doesn't yet have Midfirst Bank in there which, if they don't get the lien, will be lumped in with his unsecured debt and as a result he'll get to discharge half of it. If they get the lien first they'll be lumped in with secured creditors and he'll get to discharge all of his credit card debt.

Is this fucker gonna do it?

 

[MoonRocker]

Would he have to pay that amount on top of al the credit card bills he owes or do those get “wiped” out and he doesn’t have to pay them?

If he has only to pay upward of $5k to keep his WA condo, he’s definitely keeping it.

 

[James Smith]

Would he have to pay that amount on top of al the credit card bills he owes or do those get “wiped” out and he doesn’t have to pay them?

If he has only to pay upward of $5k to keep his WA condo, he’s definitely keeping it.

Like I said he has to pay for his normal bills, his WA condo, his Corolla, AND this which will go to everyone else. After 60 months everything else is wiped out.

 

[AnOminous]

@AnOminous Can't the court take money from his unsecured credit cards for the past couple of months and re-distribute it to any secured lenders he wasn't paying? I know the court does that if you pay back debt preferentially before a bankruptcy, especially to family and friends, but I don't know how far back they go or how strict they are about it.

"If you make payments of over $600 in aggregate to a creditor in the 90-day period prior to your filing date while you are insolvent (meaning your debts exceed your assets) and that payment allows the creditor to receive more than it would otherwise have through your bankruptcy, it is a preferential debt payment. Also, keep in mind that bankruptcy law presumes you are insolvent during the 90-day period prior to bankruptcy. As a result, the trustee does not have to prove insolvency in most cases."

The issue is whether they made more money than they would have without the bankruptcy. I'm not sure if that would apply if he's been doing stuff like just paying a monthly minimum. It probably would if he's been doing shit like paying them off in the hopes that he then will still have credit after declaring bankruptcy. If he has been doing really obvious shit like that, they'll reverse that and it won't matter anyway, because he can kiss those credit cards goodbye.

Let's say he wants to keep the condo and he has $150K of excess equity in it. His monthly payment increases to $2,500. $200K in excess equity? $3,333. You get the picture. Based on my estimates he has between $40K below the exempt equity to $148K above it, which means he may cost himself just a couple grand over 5 years by keeping the condo. Shit, maybe his luck is just that good.

I kind of thought there would be pigroach luck like this involved. I still hope he gets really fucked. If he has a lot more equity than the exemption he could get really fucked, but I'd almost bet he's been dicking around as much as he can get away with on the WAkondo too. Of course, the great scenario is he's actually been fucking them so badly they're almost about to foreclose on him too and will jump on that if he declares bankruptcy.

I'm not expecting that.

 

[Gotta Groom Em All]

Thanks to Tevins SoundCloud, I just got caught up on the whole State of the Piggie Address. Hopefully the autistic wall of text below is at least halfway coherent.

After finishing his heavy breathing salty rant, I actually feel somewhat bad for DSP. But not for torpedoing his credit and possibly losing his house and ruining his life, he deserves all of that. I feel bad for DSP because he honestly believes that all of these bad things in his life are 100% the "idiots" doing, and there is no course of action he could have possibly taken to prevent any of this, and there's nothing he can do moving forward to mitigate any of the damage coming his way. DSP looks at his own life and is absolutely certain he has zero control.

I feel bad because due to this, there is absolutely no hope for him. He has no ability to learn from any of this and no self efficacy. It's one of the reasons I'm fascinated by him, his ability to obliterate his own life and confidently charge forward without learning or changing is unlike anything I have ever seen. It's inhuman, almost like a superpower.

The famous quote of "I did nothing wrong, I did everything correct," has more than a cheap laugh for me. He completely destroyed his own life, reflected back at everything that happened, and concluded that everything is all the trolls fault. He's done that for his entire 11 year begacy and then some.

Further compounding his problem, Phil has been (technically) formally trained in finance, and made that very public. (He's a mature adult with a business degree!) Despite all his schooling and six-figure income, he still found a way to go literally bankrupt. The bruise his ego would receive if he admitted to himself that he had some control over preventing his bankruptcy would be crippling. His psyche has to defend his ego any way it can, even if that requires insane mental gymnastics that leave even the paypigs going "huuuuunhnh?" and leave his life in ruins.

I feel somewhat bad because he is such a weak person that he allows his enormous ego to dictate every part of his life. He values protection of his ego more than anything, hence there is zero chance he can ever grow. He is eternally cursed to live a self-imposed hellish, impoverished, humiliating, lonely, loveless, chaotic existence until he dies, because every alternative is preferable to bruising his ego.

Recently he compared himself to Sisyphus, and I imagine that's close to how this must feel. Except instead of rolling his rock up a hill it's just flat ground and we're watching him complain about the trolls while he rolls his rock left to right, then back left, then right, etc. every now and then taking a break to double-flip us all off. You're welcome for that mental image.

From a psychology standpoint, everything Phil does fascinates me. It feels like I'm studying an alien's behavior in a containment chamber.

 

[strandedcastaway]

From a psychology standpoint, everything Phil does fascinates me. It feels like I'm studying an alien's behavior in a containment chamber.

When it finally dawns on Phil that the bankruptcy will require him to actually make payments on time for years and give up his very expensive mobile game habit, he's going to be crushed. He's still in denial about what is coming.

 

[James Smith]

he honestly believes that all of these bad things in his life are 100% the "idiots" doing, and there is no course of action he could have possibly taken to prevent any of this

Oh yeah. He 100% believes he'd still be making $300K/year if it weren't for other people fucking up.

 

[harbinger]

“I was valedictorian damn it! I was Harvard material! I have a degree in finance! I finished 4th place at EVO! This is beneath me!”

You forgot something.

 

[Schmeckel]

Oh yeah. He 100% believes he'd still be making $300K/year if it weren't for other people fucking up.

And that's just what he thinks he should be making from YouTube alone.

 

[MoonRocker]

Like I said he has to pay for his normal bills, his WA condo, his Corolla, AND this which will go to everyone else. After 60 months everything else is wiped out.

If he can consistently make upwards of $10,000 per month for the next 5 years, yeah, he can keep doing it in theory I guess.

That would be the dumbest, most precarious, and riskiest path that he could take. There's no guarantee that he might even be streaming within the next 5 years or have anywhere near the same level of "popularity" that he currently has. There's no way I would ever take that path. I'd take my losses, sell my fucking house, and move on with my life. This bankruptcy truly gives him a chance at a new start in life.

And that's exactly why he's not going to do it and he will sign up for this 5-year plan where he will have no money to do anything.

The levels of begging over the next 5 years are going to be through the fucking roof!

 

[King of Not Playing Games]

View attachment 1105021
I believe this to be accurate. This is how much I calculate him having to pay per month, for 60 months, toward the plan to be compliant at a minimum. $143,700 toward the bankruptcy in addition to paying for his normal bills, his WA condo, and his Corolla. This is only a minimum and him keeping the WA condo may actually result in it going up.

Let's say he wants to keep the condo and he has $150K of excess equity in it. His monthly payment increases to $2,500. $200K in excess equity? $3,333. You get the picture. Based on my estimates he has between $40K below the exempt equity to $148K above it, which means he may cost himself just a couple grand over 5 years by keeping the condo. Shit, maybe his luck is just that good.

Can you explain the best case scenario for Phil here a bit? It sounds like you're saying that the more value in his condo, the more disposable income he'll have during his repayment plan, which means no real dent in his spending habits, and the property, and at the end of the plan, after his debts are discharged, he'll get to remain in the condo? Or is the disposable income just the maximum amount that can be asked for as part of the plan?

 

[James Smith]

Can you explain the best case scenario for Phil here a bit? It sounds like you're saying that the more value in his condo, the more disposable income he'll have during his repayment plan, which means no real dent in his spending habits, and the property, and at the end of the plan, after his debts are discharged, he'll get to remain in the condo? Or is the disposable income just the maximum amount that can be asked for as part of the plan?

No I'm saying the higher the value of his condo, the more he has to pay the bankruptcy trustee. Disposable income = goes to trustee. It's one of the two minimums that can be asked of him during the plan. The other minimum is the actual debt he has. Obviously if you can afford to pay $1K per month for 60 months but have less than $60K in debt the first minimum would be unfair.

Hmm.

Is his tax debt past due priority debt for the purposes of a Chapter 7 means test and whether or not he can afford a Chapter 13 payment plan? If so I don't think he qualifies for Chapter 13 because it'll cost too much. He'd qualify for Chapter 7 all of a sudden though. Does being on a payment plan and theoretically adhering to it (although it sounds like he's not) make it not past due for the purposes of bankruptcy calculations? Does anyone know?

 

[actually]

Is his tax debt past due priority debt for the purposes of a Chapter 7 means test and whether or not he can afford a Chapter 13 payment plan? If so I don't think he qualifies for Chapter 13 because it'll cost too much. He'd qualify for Chapter 7 all of a sudden though. Does being on a payment plan and theoretically adhering to it (although it sounds like he's not) make it not past due for the purposes of bankruptcy calculations? Does anyone know?

As another factor, he seemed to indicate that he wasn't up to date on his 2019 federal tax quarterly payments. Assuming that's accurate, how would that affect the situation? Would the IRS put him on a 2nd payment plan, or would they say fuck it and get some kind of lien on his stuff?

 

[LiquidCancer]

Even with all the extra money he saved by not paying the second mortgage from April to December he didn't pay a penny into his taxes. What was the mortgage cost per month in CT? Where the fuck did that money go? Maybe directly into WWE Champions?

 

[James Smith]

Would the IRS put him on a 2nd payment plan, or would they say fuck it and get some kind of lien on his stuff?

He has to request a modification of the plan to include new taxes and he has to request it before they're due. My understanding is that as long as the dollar value isn't too high, in the realm of like $50K, they'll automatically approve it with no human intervention.

Here's what they say about defaults:

"What happens if the taxpayer doesn’t comply with the terms of the installment agreement?

If you don’t make your payments on time or don’t pay a balance due on a return you file later, you will be in default on your agreement. We may take enforcement actions, such as filing a Notice of Federal Tax Lien (NFTL) or an IRS levy action, to collect the entire amount you owe."

ADDING A PERIOD TO AN EXISTING INSTALLMENT AGREEMENT - The National Society of Tax Professionals

ADDING A PERIOD TO AN EXISTING INSTALLMENT AGREEMENT Did you know with the February 2017 revision to the Form 9465 (Installment Agreement Request) you can now add a liability for a new tax period to an existing installment agreement? You may use Form 9465, Installment Agreement Request, to...

nstp.org

 

[Mask_de_SMITH]

It's his aunt's fault for kicking the bucket

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I love how his biggest concern isn't the loss of a family member, but the lost of more easy income. "My aunt died, which, sucks, dood, because now I won't be able to beg her for money! Wow, dood!"

People really are just money to this louse. I'm willing to bet he's waiting patiently, hands folded in anticipation, for the day his parents finally croak. That way he can take whatever money they left behind and spend it on WWE Champions.

Oh, and his #Bills, of course. Don't forget the bills.

 

[actually]

He has to request a modification of the plan to include new taxes and he has to request it before they're due. My understanding is that as long as the dollar value isn't too high, in the realm of like $50K, they'll automatically approve it with no human intervention

Ok, so he won't face immediate consequences, but he'll basically have a higher monthly payment to make for at least a while, since owed tax isn't averted by bankruptcy (aside from maybe really old owed taxes, right?).

 

[WeeblesWobble]

He thinks he's going to have extra spending money in six months.

wew. fucking. lad.

Sure, if he files under Chapter 7 and loses his condo, he'll be done in six months. Otherwise try 6-10 times that length.

He kept saying that basically by mid 2020 he would have disposable income again.