[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

[Madmartigan]

I'm getting caught up on things, and this post caught my eye. In particular, the "stop using credit cards" line. I had the same reaction that @actually and I'm sure many others had (no way Phil can fucking do that).
Anyways, here's the question I have: If Phil keeps using his credit card, can he get in some sort of trouble for doing so? Could his bankruptcy be denied or anything like that?
I wasn't clear on if those items listed were just kind of "suggestions" on how to proceed, or if those are things that will be reviewed by a judge at a later time.
Edit: I somehow fucked up my reply when I tried to edit it, but it's in regards to a post on page 20 from @That Hedonist Nerd

 

[tzgnilki]

I'm getting caught up on things, and this post caught my eye. In particular, the "stop using credit cards" line. I had the same reaction that @actually and I'm sure many others had (no way Phil can fucking do that).
Anyways, here's the question I have: If Phil keeps using his credit card, can he get in some sort of trouble for doing so? Could his bankruptcy be denied or anything like that?
I wasn't clear on if those items listed were just kind of "suggestions" on how to proceed, or if those are things that will be reviewed by a judge at a later time.
Edit: I somehow fucked up my reply when I tried to edit it, but it's in regards to a post on page 20 from @That Hedonist Nerd

it depends, if he maxes them out to exploit bankruptcy protection then that's fraud, and a bankruptcy dismissal can be submitted by the credit card company

let's be honest, they're probably already maxed, but did the moron max them during the 9 months he was planning to file for bankruptcy

 

[Dumpster dived waifu]

your schedules list excessive amounts of credit card debt with little or no property to show for it.

Oh... Oh no. Ooooooh nooooo. Bugged credit card statements dood, nothing I could do.

I kind of hope that if that gets audited, it gets put on publically visible documents. I'd love to browse through those statements to see what other ludicrous shit he wastes his money on.

 

[grump]

When it comes down to it I don't think Dave is that concerned about the bankruptcy itself. He's far more concerned about losing face. Right now his main concern is not the debt but to do what he can keep the status quo as far as his paypigs can see. He'll do whatever he can to avoid losing the WAKHANDO, and failing that everything he can to avoid moving back to Khaneticut and especially back into the KHANETIKHANDO. Even if it means losing tons more money, years more repayment etc etc....I don't understand the people who think this is something he'd go for. For him it would be back to square one and the ultimate victory for the tractors. I'd be very surprised to see him back in the old place if there was even a sliver of a hint of ANY other option.

Look at him in his latest video about it, he's not even all that fussed or emotional, more than usual at least. He doesn't really give a shit about the money he's losing in and of itself let alone the money others are losing from this. He knows the bankruptcy is all but inevitable but he figures he can still keep the above so he's been relatively calm and even still is continuing with his WWE mobile fix.

 

[Prince Lotor]

I searched 'credit card' on PigPigGo and found some funny clips from the oldest 4 pages. They tell a story about Phil and his relationship with credit cards.

Spoiler: Timestamped videos with descriptions

May 22nd, 2014 Phil offers a fan credit card advice.

Phil paid for his entire EVO 2005 trip with a cash advance at a 24% interest rate!

His college business degree in Finance helped Phil understand his personal finances, but he's never been able to figure out how to get a job related to what he went to college for.

Mean old credit card companies sent poor Phil credit cards when he started college and he started blowing money he didn't have. . .while still living at his parents house

Phil and Leanna weren't going to go on any vacations. Phil had a lot of debt from the move so he didn't want to pay for a vacation on credit cards, he wanted to pay down his debt for a few years to get it to a reasonable amount until he felt comfortable, maybe get his CT condo sold, and could afford paying for a vacation. . .with credit cards.

Phil had to take out loans and rack up credit cards in 2015 because he deleted a bunch of his YouTube videos. . .and it was someone elses fault that he decided to do that to himself. At 45m Phil bitches about the debt he racked up again and said his views will be down forever because of what he did. .er someone else did it, but KO Gayming made some money so Phil and Leanna took a vacation.

Phil describes before his 2017 Federal tax filing about how he charges tons of random shit to his credit cards and doesn't keep any documentation about it, and he also has random shit set to auto-pay from his credit cards, so he had to line by line go through his credit card bills and PayPal charges to look for business expenses. At 22m45s he then explains how he's going to put his 2017 Q1 Estimated Income Tax payment on his credit card.

Gee, what went wrong? Things seemed so pahsitive Phil.

 

[King Daddy Telomerase]

Saving the WAkhando is the only reason Phil would bother declaring bankruptcy. Phil has demonstrated without any doubt that he gives no fucks about debts or his credit. He will bury himself in millions of debt to not look like an incel nerd.

 

[AnOminous]

The court doesn't give a shit about that. They didn't agree to that contract, you did, and they took your stuff away from you and now it's theirs to sell. If the people who control the game don't like it, they can delete the account. Imagine going to the court and saying "You can't seize this boat to pay my debt, I have a contract saying I can't sell it!" The remedy is the sale of the boat to you becomes void and you still lose the boat. The court just isn't the one taking it from you.

The bankruptcy estate inherits any obligations the owner had and is bound by the same contracts (other than the obvious ones relating to debts which are now subject to bankruptcy law). Laws about these microtransaction accounts are because of gambling laws, though. If you publicly sold such an account, though, the company that runs the game would probably just cancel them all, rendering them worthless. It would be pretty fraudulent to sell an account under those circumstances, especially considering it's virtually certain someone is going to inform the company if some fool buys DSP's account at auction.

One question is whether literally throwing money away like this right before declaring bankruptcy will be presumptively a fraudulent transfer.

Another is whether these gacha games are somehow fraudulent in and of themselves. If there's enough money involved, the bankruptcy estate also inherits any causes of action the person had, so conceivably the trustee could sue on the estate's behalf if there's any legitimate reason to believe they can get money out of them, maximize the value of the estate, and pay more creditors.

 

[JohnnyBoi]

I didn't see this in the comments but would this mean he would have to give up access to his paypal account if the bankruptcy goes further along ?

 

[Authentic Sauce]

The classes he's taking aren't free are they? Don't they cost some token amount and more or less require an attorney referral after paying your attorney some token $500 or something to begin hiring them?

He probably had to pay his lawyer between $1000 and $2000, he should have paid a little more than normal because of the self employment and general complication of his situation. He might owe more after it is all said and done but to get a bankruptcy attorney to start work he would have had to pay something in that range. The classes are a trivial cost, $25 - $50, the lawyer will have a deal with a specific vendor they will send you to.

He'll do whatever he can to avoid losing the WAKHANDO

This is why he will fail at this if he gets a chapter 13 keeping the house. Over 50% of chapter 13 plans end in failure, 67% is the common failure rate claim. Given his easy going attitude about this and his general lack of understanding about all things financial, I don't think DSP is one to beat the odds. The reason they fail is the debtors don't want to lose anything, just like Phil. He doesn't want to lose the house, car, or gamer shit. He will either have to make some real choices or he is sure to fail.

 

[JamFlowMan]

Saving the WAkhando is the only reason Phil would bother declaring bankruptcy. Phil has demonstrated without any doubt that he gives no fucks about debts or his credit. He will bury himself in millions of debt to not look like an incel nerd.

He has literally said losing the Wakhando means the detractors win. Just ignore the majority of people suggesting he sell the place was to avoid things like a foreclosure on the CT condo or be put in a position where he has to declare bankruptcy. All the trolls want is to ruin his life dood.

 

[AnOminous]

He doesn't want to lose the house, car, or gamer shit. He will either have to make some real choices or he is sure to fail.

I imagine him as one of the more pathetic people on Hoarders who completely lose their mind when told that their collection of feces filled diapers has to be eliminated.

 

[Stationary aszs]

He probably had to pay his lawyer between $1000 and $2000, he should have paid a little more than normal because of the self employment and general complication of his situation. He might owe more after it is all said and done but to get a bankruptcy attorney to start work he would have had to pay something in that range. The classes are a trivial cost, $25 - $50, the lawyer will have a deal with a specific vendor they will send you to.



This is why he will fail at this if he gets a chapter 13 keeping the house. Over 50% of chapter 13 plans end in failure, 67% is the common failure rate claim. Given his easy going attitude about this and his general lack of understanding about all things financial, I don't think DSP is one to beat the odds. The reason they fail is the debtors don't want to lose anything, just like Phil. He doesn't want to lose the house, car, or gamer shit. He will either have to make some real choices or he is sure to fail.

There are $0 down chapter 13s but chapter 7 obviously has to be upfront. If he’s already paid I’d guess he’s trying a 7 but as previously beaten to death he likely doesn’t qualify for 7.

edit: to contribute to the discussion about his variable income, the trustee would be likely to decline his plan if his month to month income is too variable. You’re supposed to contribute all of your disposable income so if it’s too hard to determine or if it looks like you may be likely to be unable to make the payments each month they’ll decline.

 

[James Smith]

This was his income for 2019, which is what they'll look at if he files in January since they care about the most recent six months. His average is $9,700, but he has had three months with less than that if you're rounding to two significant digits and four months if you don't round at all. This is part of what might make them refuse to approve him, in addition to however much priority and secured debt he's paid with unsecured credit cards and loans which will lower their calculation of his disposable income potentially so much that it's significantly negative = he can't afford the plan.

 

[ReentryPhantom]

View attachment 1109652
This was his income for 2019, which is what they'll look at if he files in January since they care about the most recent six months. His average is $9,700, but he has had three months with less than that if you're rounding to two significant digits and four months if you don't round at all. This is part of what might make them refuse to approve him, in addition to however much priority and secured debt he's paid with unsecured credit cards and loans which will lower their calculation of his disposable income potentially so much that it's significantly negative = he can't afford the plan.

How in the ever loving fuck do you make that much and can't pay down debt?

 

[Watamelon]

How in the ever loving fuck do you make that much and can't pay down debt?

Chasing rasslers makes that an easy task

 

[BallBuster]

How in the ever loving fuck do you make that much and can't pay down debt?

When you spend twice as much as you make it is easy. He thinks he’s always going to have some E7 type of fool to bail him out (though I think E7 only made things worse and enabled him more) so he acts like he is nigger rich 24/7 and spends like a fool.

 

[Pargon]

How in the ever loving fuck do you make that much and can't pay down debt?

Spend money like water.

It's a flip answer but it's just like calories: you burn more than you take in, you lose weight. You burn more cash than you bring in, you incur debt unless you make more money or cut back, two things Phil seems to be incapable of doing by and large, the efforts of his most dedicated pigs aside.

I highly doubt WWE Champions is Phil's only excessive expenditure. It may be his biggest one, but we know about many others, including other gatcha games. It's not a huge mystery; when investment bankers were going belly-up in the 80s it was the same story despite the comparatively complicated methods they used to get cash. It all went up their noses or to pay hookers or buy expensive apartments and cars and boats and shit.

 

[tzgnilki]

How in the ever loving fuck do you make that much and can't pay down debt?

he used to have so many subscriptions and just lives outside of his means

Spoiler

wwe network
netflix
hulu
disney+
ps vue
ps plus
xbox live
nintendo online
cable
2 internet lines
costco membership

god knows what other crap

then add his video games, personal/business loans, car loan, car insurance, health insurance, mortgages, credit cards

+utilities, gasoline, heating, water, electricity

groceries & eats out minimum 3 times a week

& that's without gacha wrestling games, then the taxes which is money he was given the responsibility of paying that to the government but chooses to spend it

 

[Lady Adjani]

Those subscription fees are a drop in the ocean for someone that's estimated to be pulling 10k+ a month.

The day his financial reports become public domain these forums are going to be on fire, that's a guarantee.

 

[the khat quaffer]

When you spend twice as much as you make it is easy. He thinks he’s always going to have some E7 type of fool to bail him out (though I think E7 only made things worse and enabled him more) so he acts like he is nigger rich 24/7 and spends like a fool.

DSP shortly after E7: 'uhm actually, emerald7 HURT my business'

Oddly prophetic of the pig to say that, even if he was claiming it because of different reasons altogether.