[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

What will happen with his case following the 341 meeting?

  • Still gets Chapter 7

    Votes: 126 18.1%

  • Changed to Chapter 13 and ultimately fails to make his required payments

    Votes: 218 31.3%

  • Chapter 13 and successfully completed all payments

    Votes: 19 2.7%

  • Complete dismissal of the bankruptcy

    Votes: 334 47.9%
  • Total voters
    697
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tzgnilki said:
I hope he was exceptional enough to get business loans/credit cards
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He's definitely got multiple credit cards. We know this because he has talked multiple times about how he would kite his credit card debt around onto new cards with promotional interest rates. Problem is, that only works as long as you can get the debt either paid off or moved onto yet another card. Otherwise, most of those intro rate cards will skyrocket to high interest rates, and you will owe interest for the whole time you've had the card.

Authentic Sauce said:
His down payment was only 13k, he wouldn't need any unique credit limit to pull that off.
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How do you know what his down payment was? Did he spell it out somewhere?
 
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Authentic Sauce said:
His down payment was only 13k, he wouldn't need any unique credit limit to pull that off.
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he probably feels special having some $100,000 credit card with 26% interest

actually said:
He's definitely got multiple credit cards. We know this because he has talked multiple times about how he would kite his credit card debt around onto new cards with promotional interest rates. Problem is, that only works as long as you can get the debt either paid off or moved onto yet another card. Otherwise, most of those intro rate cards will skyrocket to high interest rates, and you will owe interest for the whole time you've had the card.
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I mean credit cards under his business, not personal ones
 
SoapQueen1 said:
His credit and income must have been pretty good, because that's a 5% down payment. I'm guessing he didn't include 2013's income and claimed he hadn't finished his bookkeeping yet or some other meme lie.
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He did claim to have emptied his savings for it, so it's possible he wasn't lying about it. Guess we'll find out once the bankruptcy docs are filed.
 
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I voted for the $100K-$200K bucket. Even assuming Phil racked up $40K of WWE Champions debt direct to his credit cards, he just doesn't own that much stuff and his tastes just aren't that expensive.
Let's say Phil spent $30 a day on restaurant food every goddamn day for the past 6 years, and charged it all to his cards. That's "only" $65700.
His BMWs are gone, so he's only paying for his Toyota now. Internet says these max out at about $25K, so let's assume Businessman Phil added on another $5K to that in extended warranties and optional trinkets, for $30K.

How many blu-rays did he own? I'm seeing 100 as the number quoted, but let's go nuts and say he bought 200 at $30 apiece, for $6000.

How many games did he buy? This site seems to indicate he played 281 games in about 3 years on Twitch:
https://twitchtracker.com/darksydephil/games. So let's say about 1000 games in the 11-Year Legacy. Wildly overestimating it, let's say they were $50 apiece, so $50K.

Using these inflated estimates we're still only at $190K or so. Does he have another $10K of possessions that he bought since clearing out his debt? I dunno, maybe. How much were all those statues? But I think it's unlikely he's breaking the $200K mark unless his mobile game whaling is far greater than we suspect.
I'm no drinker, is it possible that his booze would move the needle at all on this scale?

EDIT: I forgot credit card interest. If you roll that in, that would probably be another few tens of thousands. So maybe he's over $200K, but I think if so it's close.
 
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Kosher Dill said:
I voted for the $100K-$200K bucket. Even assuming Phil racked up $40K of WWE Champions debt direct to his credit cards, he just doesn't own that much stuff and his tastes just aren't that expensive.
Let's say Phil spent $30 a day on restaurant food every goddamn day for the past 6 years, and charged it all to his cards. That's "only" $65700.
His BMWs are gone, so he's only paying for his Toyota now. Internet says these max out at about $25K, so let's assume Businessman Phil added on another $5K to that in extended warranties and optional trinkets, for $30K.

How many blu-rays did he own? I'm seeing 100 as the number quoted, but let's go nuts and say he bought 200 at $30 apiece, for $6000.

How many games did he buy? This site seems to indicate he played 281 games in about 3 years on Twitch:
https://twitchtracker.com/darksydephil/games. So let's say about 1000 games in the 11-Year Legacy. Wildly overestimating it, let's say they were $50 apiece, so $50K.

Using these inflated estimates we're still only at $190K or so. Does he have another $10K of possessions that he bought since clearing out his debt? I dunno, maybe. How much were all those statues? But I think it's unlikely he's breaking the $200K mark unless his mobile game whaling is far greater than we suspect.
I'm no drinker, is it possible that his booze would move the needle at all on this scale?

EDIT: I forgot credit card interest. If you roll that in, that would probably be another few tens of thousands. So maybe he's over $200K, but I think if so it's close.
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he has admitted in the past to paying taxes with his credit card
 
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tzgnilki said:
he has admitted in the past to paying taxes with his credit card
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Yeah, but he paid like nothing, which is why he's on those payment plans to make up the shortfall.
If we include the total balance of his unpaid taxes, maybe I am leaning toward the $200K bracket - maybe.
 
Kosher Dill said:
Yeah, but he paid like nothing, which is why he's on those payment plans to make up the shortfall.
If we include the total balance of his unpaid taxes, maybe I am leaning toward the $200K bracket - maybe.
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you're right, he rarely if ever pays his taxes in full

add a humble 25% interest and it's $200k easy
 
Most mortgage companies require your down payment be in a bank account for X amount of weeks/months and then I believe it is transferred into escrow before being withdrawn (that’s how mine was done). I can’t think of any legit mortgage lender that would allow a down payment to be put on a credit card, unless it’s some third rate lender with an interest rate that would make your ass bleed just by looking at it.
 
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Kosher Dill said:
Using these inflated estimates we're still only at $190K or so. Does he have another $10K of possessions that he bought since clearing out his debt? I dunno, maybe. How much were all those statues? But I think it's unlikely he's breaking the $200K mark unless his mobile game whaling is far greater than we suspect.
I'm no drinker, is it possible that his booze would move the needle at all on this scale?
.
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Don't forget the 10K in Fleshlights.
 
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I've been doing some reading on Ch 13 bankruptcy (which if I had to guess is what he'd go for) and there's some interesting tidbits. Like others have said he just needs to have <$400Kish unsecured debt to qualify which I think he does.

Firstly it says that he must collect income/debts/creditors/expenses info from his spouse even if he is filing solo. I bet Kat is thrilled with that. After filing there is a meeting with everyone and the debtor (Phil) MUST attend it and answer questions to his creditors under oath. I am already giggling thinking about the kind of shit he would say (I NEEDED that gin, nothing I could do! What do you mean mobile games isn't a business expense, its my JOB dude!) plus the fact that I could see him lying under oath tbh. Finally it basically says all disposable income he gets needs to be paid to the trustee and he gets the bare minimum to live on.

In chapter 13, "disposable income" is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income. If the debtor operates a business, the definition of disposable income excludes those amounts which are necessary for ordinary operating expenses. 11 U.S.C. § 1325(b)(2)(A) and (B).

Obviously this means no more eating out (say hi to mashed potatoes for 5 years Phil!), no more mall shopping, no more gin, no more mobile games, no more impulse buys, otherwise the plan gets cancelled and he either goes to Ch 7 or the creditors just go directly after him. Personally I don't think he would last, and I think we would definitely see the effects of all this on his psyche during his streams. I also find it mind blowing that he made a comment something like "after a few months I would be back on track" or whatever (think it was earlier in this thread somewhere), it seems like he gets the bare minimum until he pays off his plan which can be up to 5 years.

Source
 
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