[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

[Near]

Project 7 was chapter 7 all along...

 

[NotreallyPutin]

>Page 40

> Business name

>Burnell Productions

>Existed since 2017

????????

 

[Colloid]

He has $130k credit debt between 13 cards, is filing for ch 7, and is such a compulsive liar that he lists the condo as not a condo and claims he has business expenses in the thousands per month among other things.

Yeah, needless to say Phil's officially fucked here. The court will fuck him up the ass hard when they notice the lies and embellishments, and no amount of pigroach luck is going to save him. Despite it taking ages for his fiscal incompetence to finally catch up, we can finally sit back and lol now as Phil is forced to truthfully explain how irresponsible he is for the rest of the world to see.

 

[hidden_is_back]

Just a friendly reminder that he has a College degree in Business and Finances. What the fuck did they teach him in College?

 

[Salubrious]

Phil works from home and never leaves the house to socialize or go to events. So naturally he needs a 2017 car with only 5000 miles.View attachment 1124350

He had to buy new! It was a buyer's market for cars! New cars are cheaper than used cars!

On a completely separate note, DSP just filed for bankruptcy.

 

[tzgnilki]

he fell for the peer to peer lending meme

edit: looks like he fell for 2 x peer to peer lending scams, couldn't borrow more from the 10 banks he is registered with, had to steal money from citizens

Spoiler

he has some club membership meme

after all the shit he talked about poor people shopping at walmart, he owes thousands to walmart inc

Spoiler

 

[James Smith]

First analysis:

He's filing under Chapter 7 which requires debtors to liquidate their non-exempt property. DSP can only claim $125K equity in his WA condo and $3,250 in his car are exempt. His own filing indicates he has $345K equity in his WA condo and $16K equity in his car. He would be required to sell both to satisfy the requirements of Chapter 7. I can't think of a situation in which he can reaffirm the mortgage and keep the condo or enter into a modified or reaffirmed agreement to keep the car if he really has this much equity in each.

Not only is there no known argument to back up this reaffirmation of the mortgage, the entire equity calculation is sloppy or a lie to begin with. The filing states Zillow values it at $379K yet Zillow actually values it at $410K. The historical estimated value on Zillow is there for all to see and hasn't been as low as $379K since January of 2016. Redfin and Realtor.com suggest similar units in his gated community are worth $413-414K minimum. This places his initial equity at $279K. The following items then get deducted from the potential sale price of $410K, as far as I know:

• the homestead exemption: $125K
• trustee commissions (something similar to 25% of the first $5K of non-exempt equity, 10% of the next $50K, and 5% of the remainder): $17,750
• realtor commissions (they claim 9% of the sale price): $36,900
• amount owed on the mortgage: $227,000

leaving him with $128,350 of equity, only some of which is exempt as it is barely above $125K. It seems to me his attorney is desperately trying to prevent this condo from being sold during the bankruptcy. Here's the issue with that: They're already lying about how much Zillow estimates it's worth which reduces their credibility and all it takes is the trustee, judge, or one of his 16 creditors to demand an actual appraisal. If it's worth more, and it probably is considering other units in his gated community have sold for more in the past 6-7 months, he will begin to have non-exempt equity. One source indicates his home is actually worth up to $456K which would leave him with $42,910 in non-exempt equity and result in the trustee selling his condo.

I have no idea how they're planning to exempt his car if he really has this much equity in it. Even after trustee commission it's worth too much.

His business expenses clock in at over $5,000 per month which is nonsense and is likely more lies. Again, all it takes is the trustee, judge, or one of his creditors asking for a detailed statement of these expenses and they will most likely find out he's calling his entire WA condo a business expense and he will lose all credibility because that is a material misrepresentation. The trustee, judge, or a creditor will immmediately demand he correct his bankruptcy filing or just ask that it be dismissed entirely. If he's telling the IRS his entire condo is a business expense that's actually hilarious tax fraud and they will find out about it eventually.

He is claiming he owns no electronics and no collectibles which is almost certainly a lie, but doesn't probably affect anything other than his credibility because it would all be exempt anyway.

 

[King Daddy Telomerase]

 

[Near]

and no amount of pigroach luck is going to save him.

As eager I am to see this run him into the ground, I also equally expect DSP to be absolved from the debt and be given the key to the city while at it.

 

[Shabobus]

You may as well sign up for another credit card while you're at it and avoid that unlucky 13, Phil. You'll need all the luck you can get.

 

[Martys_not_smarty]

Just a friendly reminder that he has a College degree in Business and Finances. What the fuck did they teach him in College?

Um no you nudnik Phil was the teacher, he rolled in day one with his street smart masters in keeping it real, so real the teacher died of a heart attack bitching him out cause that's the only defense he had to Phil's rapier like wit.......and then everyone in class stood and applauded.

 

[Mr.PiggyOinkOinkOink]

First analysis:

He's filing under Chapter 7 which requires debtors to liquidate their non-exempt property. DSP can only claim $125K equity in his WA condo and $3,250 in his car are exempt. His own filing indicates he has $345K equity in his WA condo and $16K equity in his car. He would be required to sell both to satisfy the requirements of Chapter 7. I can't think of a situation in which he can reaffirm the mortgage and keep the condo or enter into a modified or reaffirmed agreement to keep the car if he really has this much equity in each.

Not only is there no known argument to back up this reaffirmation of the mortgage, the entire equity calculation is sloppy or a lie to begin with. The filing states Zillow values it at $379K yet Zillow actually values it at $410K. The historical estimated value on Zillow is there for all to see and hasn't been as low as $379K since January of 2016. Redfin and Realtor.com suggest similar units in his gated community are worth $413-414K minimum. This places his initial equity at $279K. The following items then get deducted from the potential sale price of $410K, as far as I know:

• the homestead exemption: $125K
• trustee commissions (something similar to 25% of the first $5K of non-exempt equity, 10% of the next $50K, and 5% of the remainder): $17,750
• realtor commissions (they claim 9% of the sale price): $36,900
• amount owed on the mortgage: $227,000

leaving him with $128,350 of equity, only some of which is exempt as it is barely above $125K. It seems to me his attorney is desperately trying to prevent this condo from being sold during the bankruptcy. Here's the issue with that: They're already lying about how much Zillow estimates it's worth which reduces their credibility and all it takes is the trustee, judge, or one of his 16 creditors to demand an actual appraisal. If it's worth more, and it probably is considering other units in his gated community have sold for more in the past 6-7 months, he will begin to have non-exempt equity. One source indicates his home is actually worth up to $456K which would leave him with $42,910 in non-exempt equity and result in the trustee selling his condo.

I have no idea how they're planning to exempt his car if he really has this much equity in it. Even after trustee commission it's worth too much.

His business expenses clock in at over $5,000 per month which is nonsense and is likely more lies. Again, all it takes is the trustee, judge, or one of his creditors asking for a detailed statement of these expenses and they will most likely find out he's calling his entire WA condo a business expense and he will lose all credibility because that is a material misrepresentation. The trustee, judge, or a creditor will immmediately demand he correct his bankruptcy filing or just ask that it be dismissed entirely. If he's telling the IRS his entire condo is a business expense that's actually hilarious tax fraud and they will find out about it eventually.

He is claiming he owns no electronics and no collectibles which is almost certainly a lie, but doesn't probably affect anything other than his credibility because it would all be exempt anyway.

So what you’re saying is he’s trying to slip through the cracks and hope absolutely no one questions this shit at all?

 

[Forbidden Math]

This is honestly better than I imagined.

 

[Prince Lotor]

Some other things I noticed:

• He claims he is not being foreclosed on, he doesn't have a lawsuit from Midfirst Bank, he lists the CT condo as property he owns. I think this lie is to push his debt over the Chapter 13 $400K limit.
• He still owes $15K in backtaxes for his 2018 fiscal year Federal income tax
• He still owes $14,328 on his Toyota Corolla
• Kathy is not filing for bankruptcy
• Kathy pays Union dues and likely has ObamaCare assistance Health Insurance
• Kathy does NOT work any overtime
• Phil does NOT own a firearm
• Phil claims that beyond the property he has claimed under property exemptions he has absolutely $0 worth of property that could be sold to repay his creditors

This looks like something he let his gin-addled wet-brain fill out without understanding half of it or confirming anything. He better hope this gets thrown out outright.

 

[Freshtodeath]

Why does he have 601 in cash lying around? is it so his bank is below a certain threshold? lmao

 

[Colloid]

As eager I am to see this run him into the ground, I also equally expect DSP to be absolved from the debt and be given the key to the city while at it.

To be fair phrases like "winning" and "saved" are relative terms in the autistic world of DSP. Phil could fail to qualify for ch 7 and be forced into 13, and he'd say it's a win since he could keep his condo. Nevermind the fact that papa Washington will be putting him on a strict, heavily garnished allowance, and he'll really want to hit the gin despite not having spare funding for it anymore.

 

[DiabeticSP]

I don't see how the chapter 7 doesn't fuck him as hard as 13, besides his inability to follow a payment plan.

 

[ZehnBoat]

>Page 40

> Business name

>Burnell Productions

>Existed since 2017

????????

um... *snort* when I said 10 year legacy, i meant that in binary, okay?
I HAD TO LIE ABOUT USING DECIMAL TO PROTECT MUH FAMILY!

 

[AnOminous]

I think he's actually getting fucked this time.

 

[Freshtodeath]

Lending club is peer to peer and it notifies you of the risk when lending. Some jackass got duped by DSP