[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

[LiquidCancer]

He will try to hide his CM Punk signature picture from the bankruptcy. It's worth about $300 and he paid $300 for it. He thinks its worth $1000.

 

[MightyBob69]

He will try to hide his CM Punk signature picture from the bankruptcy. It's worth about $300 and he paid $300 for it. He thinks its worth $1000.

I doubt it's retained its value.
1. CM punk humiliated himself in the UFC and hurt his bankability.
2. Collectibles manufactured with the intent of being rare collectibles usually do nothing but rapidly depreciate.
3. Phil bought it.

 

[WeeblesWobble]

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.

So how does Phil and his lawyer explain his "employment" situation to Judge Boomer III? I'm sure he isn't the first youtuber to go bankrupt but more than likely the first this judge will see. There are no trends to speak of as far as being able to predict how much money he will make any given month or whether he'll make money at all. Not only that but he could be (highly unlikely) removed from twitch in the blink of an eye if he says the wrong thing. How do you explain that to the Judge without admitting that you are aware that the money you were receiving is anything but volatile.

 

[cold55]

Currently, the biggest things people who want his bankruptcy to fail can hope for is that

• he fucks up during the 60-month plan which probably will happen
• he doesn't have enough debt to qualify which is probably not the case
• he doesn't have enough disposable income to qualify which is probably not the case

Only 30% of Chapter 13 applicants will fulfill their obligations and successfully complete 60 months of payment . That means Phil has a 70% chance of failing .

 

[King Daddy Telomerase]

I doubt it's retained its value.
1. CM punk humiliated himself in the UFC and hurt his bankability.
2. Collectibles manufactured with the intent of being rare collectibles usually do nothing but rapidly depreciate.
3. Phil bought it.

Yeah, looking at similar CM Punk signature stuff on Ebay, Phil would be lucky to get $150. Punk's value is definitely way lower now compared to ~5 years ago.

 

[actually]

So how does Phil and his lawyer explain his "employment" situation to Judge Boomer III? I'm sure he isn't the first youtuber to go bankrupt but more than likely the first this judge will see. There are no trends to speak of as far as being able to predict how much money he will make any given month or whether he'll make money at all. Not only that but he could be (highly unlikely) removed from twitch in the blink of an eye if he says the wrong thing. How do you explain that to the Judge without admitting that you are aware that the money you were receiving is anything but volatile.

Probably describe him as an "online entertainer" on Twitch. I imagine they'll try and shine up his "30-40 hrs a week of video game playing" turd, but that's the basic gist. As for income volatility, who knows.

 

[Martys_not_smarty]

Also Punk isn't dead and he's gotten into back into relatively good graces with his former employer. Now say if it were a Chris Benoit autograph yeah I could see it appreciating in value.

 

[Salubrious]

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.

How much do people want to bet that DSP doesn't even know bankruptcy can fail?

 

[actually]

How much do people want to bet that DSP doesn't even know bankruptcy can fail?

TBF, I didn't realize the failure rate was so high. But I also didn't know anywhere near as much as I thought I did, either. Crazy how much knowledge has been dispensed amongst the nudnik detractors.

 

[MoonRocker]

I re-watched Phil's Bitch Stream for the 3rd time yesterday (my autism is peaking this week) and aside from all the flailing, moaning and bitching, what I discerned to be Philbert's plan is the following:

1. Phil is making a case to bring in front of the judge.
2. This case rests on two big factors: he wants to be able to keep his house and get on a payment plan to pay all his creditors back (he expects it to be a 10-year plan which coincides with the 10-year plan he talked about in April 2019).
3. He plans to make a case that his house must absolutely protected from foreclosure because his credit is so bad, he cannot refinance it to sell it nor can he perform his "job" duties away from this house which would result in the loss of his income and his inability to pay the payment plan.
4. I strongly believe that he wants to make a case that him being a targeted and harassed internet personality has put him in the position that he is today, that all of his problems are due to a group of anonymous mentally ill people who want to see him fail.
5. Because he has no control of outside factors that are vying and orchestrating for his impeding demise, he must protect his house that enables him to do the work that he does.
6. His bankruptcy lawyer says he has a good chance that he can qualify for both bankruptcies (Chapter 7 and Chapter 13). I personally believe that Phil wasn't honest with his lawyer and didn't tell him what the value of his WA condo really is.
7. The bottom line in his mind appears that he doesn't have to care about the CT condo anymore; he can get rid of his useless statues and all the shit in his closet that's been collecting dust for years; and everything else in his house will be left untouched (including Khat's PS4, broken PS4, PC, appliances. Literally, everything).

If you ask me, that's wishful thinking at best, being completely fucking deluded at worst.

No judge is going to care that there's an army of spergs and autists who are obsessed with this guy on YT and make mean videos about him. If he cannot clearly demonstrates that the trolls have caused a direct decline in his YT career (the only proof he has were the copyright strike videos in 2015 and he has survived since then) and he is indeed a targeted online persona non-grata, he doesn't have a leg to stand on.

If I was a judge presiding this case, I would see a guy sitting on possibly $250,000 worth of equity in his house, making upwards to $10,000 a month (which is the equivalent of a salaried position valued at $160,000 gross per year in the state of WA) as a guy who has completely squandered his money with bad decisions.

I would make him sell any direct assets that he owns, force him to move out of his house to conduct his "video editing/ streaming" business in a more modest residence, get his payment plan in order, and rebuild his life from there.

I don't see him keeping his house in any way or form. There's just no fucking way.

Last but not least, there was a conversation about why Phil was so relaxed about this whole situation. My understanding is that he doesn't fully understand the situation he's in. He genuinely believes that he will only lose his statues and other worthless shit and keep everything the same.

Either he selectively listened to what his lawyer told him and retained the bits and pieces that fit his deluded narrative, or the guy he hired is as incompetent as him.

 

[DiabeticSP]

Lawyer tells DSP "Theres Plan 1 with Upside A, downside B and plan 2 with Upside C, Downside D."

Phil hears "there's A Plan with Upsides A and C."

Its how most idiots operate and end up in the kinds of messes they do.

 

[James Smith]

At least he understands there will be some form of a long term plan. I think I fell asleep watching the Tevin version of him talking about it because I missed the 10 year comment but heard a rest of muh life comment. He clearly didn't pay attention or Google search bankruptcy.

 

[tzgnilki]

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.

it just shows bad spending habits and is the tip of the ice berg

 

[Mr.PiggyOinkOinkOink]

The weirdest part to all of this is he still plans on getting a part time job and slowly integrating back into society and I’m just like....how? What?

This dude is in terrible shape and health and has no mechanical skills as far as I’m aware he’s the definition of lazy. He can’t get a job that involves using any specific skill like a mechanic or anything that involves him standing up. But he also hates sitting at his desk and acts like using a mouse for an hour kills his hand. He’s only qualified to have some random office job, and apparently wouldn’t be good at that.

This job also has to be good right? You don’t go from making the kinda money phil does to just minimum wage....what’s his plan? Is he legit going to pay off everything streaming and build a retirement....then why stop streaming. What does he actually gain from this fantasy job so late in the game?

Nothing about it makes sense, and I genuinely can’t begin to think what good paying job phil actually thinks he’s qualified to work

 

[The Penultimate Warrior]

The weirdest part to all of this is he still plans on getting a part time job and slowly integrating back into society and I’m just like....how? What?

This dude is in terrible shape and health and has no mechanical skills as far as I’m aware he’s the definition of lazy. He can’t get a job that involves using any specific skill like a mechanic or anything that involves him standing up. But he also hates sitting at his desk and acts like using a mouse for an hour kills his hand. He’s only qualified to have some random office job, and apparently wouldn’t be good at that.

This job also has to be good right? You don’t go from making the kinda money phil does to just minimum wage....what’s his plan? Is he legit going to pay off everything streaming and build a retirement....then why stop streaming. What does he actually gain from this fantasy job so late in the game?

Nothing about it makes sense, and I genuinely can’t begin to think what good paying job phil actually thinks he’s qualified to work

Or even if he did put effort into finding a job, what company would want to hire him? Can you just imagine him having to deal with an angry customer, staying late to help out a colleague or admitting to a manager he made an error.

 

[Gotta Groom Em All]

The weirdest part to all of this is he still plans on getting a part time job and slowly integrating back into society and I’m just like....how? What?

This dude is in terrible shape and health and has no mechanical skills as far as I’m aware he’s the definition of lazy. He can’t get a job that involves using any specific skill like a mechanic or anything that involves him standing up. But he also hates sitting at his desk and acts like using a mouse for an hour kills his hand. He’s only qualified to have some random office job, and apparently wouldn’t be good at that.

This job also has to be good right? You don’t go from making the kinda money phil does to just minimum wage....what’s his plan? Is he legit going to pay off everything streaming and build a retirement....then why stop streaming. What does he actually gain from this fantasy job so late in the game?

Nothing about it makes sense, and I genuinely can’t begin to think what good paying job phil actually thinks he’s qualified to work

Pignosis infects everything. Including the piggie himself.

 

[James Smith]

Is he legit going to pay off everything streaming and build a retirement....then why stop streaming. What does he actually gain from this fantasy job so late in the game?

Because he thinks if he could have the same amount of luxuries in his life there is basically no job he'd dislike more than the one he has now. He hates playing video games to the point he delusionally thinks he would be willing to do other things instead.

 

[Prince Lotor]

I thought Tevin had an interesting point that in all of Phil's 70 minute blame-shifting ramble about how his life got fucked-up to the point his "only way out" is bankruptcy Kathy does not exist.

The only time he mentions her in 70 minutes of talking about his life during the past 5 years is: 'My mom wanted to meet her so we planned a trip' & 'My mom talked me into setting our wedding date and doing it during the trip'; and Leanna literally doesn't exist.

In 70 minutes of detailing his debt he never mentions the 2nd household income of the wife he tells us is "working her butt off 6 days a week". No mention of her income whatsoever regarding mortgage payments, utilities, helping to keep his credit card debt from spiraling, nothing. Her 2nd income does not exist, he had to beg his wheelchairs to pay the Wakando's mortgage payment in October. . .she wouldn't even help out her husband paying the mortgage on the place they live.

 

[James Smith]

Her 2nd income does not exist

I wonder if he understands her income will get counted when determining how much he has to pay for the plan.

 

[Salubrious]

job also has to be good right? You don’t go from making the kinda money phil does to just minimum wage....what’s his plan?

His plan is to say things he thinks people want to hear like "get a job". He has no actual long term plan.