[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

[DarkSydeDefender]

Guys, guys calm down, you're getting so worked over something that's such a non issue. I'm gonna nip this in the butt right now. I've already looked over the case and I can tell you right now that Phil did nothing wrong, he did everything correct. There were a few minor errors but everything's been resolved. You can delete this thread now as it is no longer pertinent nor irreverent in any fashion.

 

[Trappin in the Trap]

Part of me wants to see Phil get out of this, like his judge just keels over in the middle of the hearing and Phil gets what he wants 'cause he outlasted him or something, maybe he becomes the first "content creator" to file for bankruptcy and the blurred line betwixt his business and personal expenses gets turned into a thing.

The other part of me wants to see Phil's character arc start with playing games badly and end with him going to prison for tax fraud.

 

[King Daddy Telomerase]

I'm gonna nip this in the butt right now.

Stick it in the butt 'round here.

 

[Gotta Groom Em All]

I'm gonna nip this in the butt right now.

I believe the saying was, "stick it in the butt."

 

[tzgnilki]

I hope this mature adult with a business degree is trying to play semantics with the government

but worst case scenario is the court saying "u lied, bye", and granting permission for creditors to start circling the corpse

he'll probably have a chance to re-submit his application and pretend he missed the question(s), but he can get in shit if he's intentionally delaying the whole process but idk why he would, unless he's waiting for a whale to save him

 

[Collections Agent]

On her website it says she's done 800 consumer bankruptcy cases in the last 8 years. At 100 bankruptcy cases per year that kind of sounds like a bankruptcy mill to me.

What's a bankruptcy mill?

 

[karz]

A mix of pie chart, stacked bar and venn.

The only kind of person who gets that many credit cards with such ludicrous interest rates is someone who is unfathomably terrible with money.
19.8% on a Bank of America Card and Phil has the most amount of credit debt on that one, too.
No-one, absolutely no-one, in their right mind would consciously choose to have a card with nearly 20% interest on it.
That is an unbelievably absurd amount of interest.
And given the amount of money he makes per year, which for at least the past 5 years has been above $90,000 after taxes, he still doesn't have enough money for taxes or to pay off anything he owns, asides from basic living expenses, his car and his WAKhando Mortgage.

Spoiler: absolutely 100% exceptional Mad at The Internet-worthy Rant

That is, by far, the saddest thing I've ever heard.
A man who doesn't need to move a single inch to make a living wage
(not even counting twitch subs, and just based off of yesterday's donations and bits),
and he can't even keep a little bit of it for really important things. Like paying off a mortgage.

DSP, Phil fucking Burnell, got hundreds of thousands of dollars in internet money, Twitch bits and donations over 10 years, sitting on his ass, playing videogames.
He had a girlfriend. Then he got Married.
He was, and is, living the most lazy, e-beggar lifestyle one possibly could and he was winning.
He could have done anything with that money. He could have paid off bills. He could have invested into brokerages and stocks, into silver and gold, and turned that money into even more money.
But what does he do instead?
He squanders it into oblivion. He plays mobile games.
He's a whale for WWE.
He blames his detractors for his shortcomings.
He begs, and begs, and begs, but he also wants choice.

He, in essence, refuses to act like the adult that he is. And now, from those choices, is now experiencing the consequences of such.

I wish no ill will against DarkSydePhil, but he did this to himself, and is now being forced into being the sole proprietor of solving his financial issues.
Given that this is DarkSydePhil, though, he will make the smallest payments possible and will do anything to weasel out of owing money or property to anyone.

 

[DarkSydeDefender]

What's a bankruptcy mill?

A great line of work to get into.

 

[AnOminous]

I very seriously doubt they actually read it, because even an autist like me with no knowledge of law or finance can see some insultingly glaring fraud contained within the documents. His laywer has to have 0 professional integrity in order to carelessly put her signature on this abortion.

I find the performance here pathetic. Even by the very low standards of bankruptcy mill lawyers.

 

[James Smith]

He actually should have 2 internet lines. If he uses the internet for anything aside from work he couldn’t claim it as an expense iirc

Owning two things because one is a tax writeoff is a good way to end up broke. The additional cost of the Internet line exceeds the value of the writeoff by like 99%.

 

[obliviousbeard]

I mean, the over 800 cases in 10 years sounds about as good statistic as when indian java teacher claims to have over 1000 students in class. Regular joe would just say "we ship shit by the ton".

 

[Prince Lotor]

What's a bankruptcy mill?

"Bankruptcy Mills are high volume law firms that advertise aggressively and provide poor quality legal services."

What Client’s Need To Know to Avoid Hiring A Bankruptcy Mill | ABI

Phil Burnell is historically the dumbest consumer on the planet, and every salespersons dream.

 

[LightTailFoal]

The most reasonable value on his WA condo would be based on comps (actual comparable local sales) and not on estimates, especially estimates as shoddy as those by Zillow.

His filings claim a value of $379,000.
His filings subtract a selling cost of 9% = $34,110, for a total value of $344,890.
He owes $227,448 on the mortgage.
He is trying to get his equity within $125,000, so he wants the total value to be $352,488 or less. Having it valued this way creates a homestead exemption that prevents creditors from forcing the liquidation of his condo.

The most relevant comp is probably the nearly identical unit in his community that sold in September for $419,000.
Excluding the selling cost of 9%, creditors would have $66,512 to pursue from a sale.
Including the selling cost of 9%, creditors would have $28,802 to pursue from a sale.
I am not sure exactly how selling costs factor in the bankruptcy. Plus there could have been costs covered by the buyer in this comp.

There can also be negotiations for a payment of the difference to prevent a forced sale.

 

[AnOminous]

I mean, the over 800 cases in 10 years sounds about as good statistic as when indian java teacher claims to have over 1000 students in class. Regular joe would just say "we ship shit by the ton".

It sounds good on paper until you realize how little actual time goes into each one to get that number in that time. Big bankruptcy mills have numbers that dwarf that. For that, you get stuff filed on time in the proper format and the formalities handled and maybe some minimal sanity checking of what you file, and clearly not even that happened in this case.

This is okay if you're the standard chapter 7 where you're a guy with no money, probably lost a job recently, and a bunch of credit card debt and probably medical debt and nothing else.

It is absolutely woefully insufficient if you have out of state court proceedings, multiple mortgages, a complicated mess of a personal business you're sole proprietor of, or self-employed, or whatever does you the most good. Obviously this lawyer and Phil himself have put zero thought into this. And Phil is going to take it up the fucking ass on this one because he cheaped out when his home and livelihood are on the line.

In this case, he decided to just get the basic bitch McDonald's level "you want fries with that" bankruptcy when he's in desperate need of fancy footwork or he's going to lose ALL HIS SHIT.

Absolute stupidity. If the lawyer didn't tell him he's making a huge mistake choosing the cheapest option, she's incompetent and unethical because he's going to take it up the ass filing absolute bullshit like this.

 

[Richard Harrow]

The most reasonable value on his WA condo would be based on comps (actual comparable local sales) and not on estimates, especially estimates as shoddy as those by Zillow.

His filings claim a value of $379,000.
His filings subtract a selling cost of 9% = $34,110, for a total value of $344,890.
He owes $227,448 on the mortgage.
He is trying to get his equity within $125,000, so he wants the total value to be $352,488 or less. Having it valued this way creates a homestead exemption that prevents creditors from forcing the liquidation of his condo.

The most relevant comp is probably the nearly identical unit in his community that sold in September for $419,000.
Excluding the selling cost of 9%, creditors would have $66,512 to pursue from a sale.
Including the selling cost of 9%, creditors would have $28,802 to pursue from a sale.
I am not sure exactly how selling costs factor in the bankruptcy. Plus there could have been costs covered by the buyer in this comp.

There can also be negotiations for a payment of the difference to prevent a forced sale.

Don't forget the 3% excise tax in WA state as well.

 

[James Smith]

The most reasonable value on his WA condo would be based on comps (actual comparable local sales) and not on estimates, especially estimates as shoddy as those by Zillow.

Using the other units in his gated community which are identical except they're in duplexes instead of triplexes, sales between $385K-$555K in the last half of 2019. Considering it's only 31 units a lot of people opted out knowing it's a bubble.

 

[DarkSydeDefender]

Stick it in the butt 'round here.

Thank you for the video documentation to verify your claim citizen. Let the record show that I stand corrected.

 

[FalsePositive]

I have to imagine that deep down Dark believes his parents/pigs are just gonna bail him out once again, however likely that may be. He files for bankruptcy by lying out of his ass in the hope that he can get away with it, but if and when this fails he's just gonna fall back on hardcore begging.

I believe that this time his luck has run out.

 

[Splendid]

I love how any and all discussions of the US legal system leads to fantasies of imprisonment and gay anal rape.

I'm just a fan of gay anal rape in general.

 

[harbinger]

More than 800 bankruptcy cases in 10 years averages out to about 80 cases a year. At $1200 per case, Philip’s lawyer makes about $96,000 per year. Philip is paid more than his lawyer.