[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

[King Daddy Telomerase]

Knowledgeable folks, it is possible that the bankruptcy attorney Rochelle purposely wanted Phil to put this bogus information as some obligatory attempt to qualify for Chapter 7 for some purpose?

 

[WeeblesWobble]

Knowledgeable folks, it is possible that the bankruptcy attorney Rochelle purposely wanted Phil to put this bogus information as some obligatory attempt to qualify for Chapter 7 for some purpose?

I don't know if I believe that. I think that the lawyer told him what the parameters were for qualifying and Phil twisted information to fit that.

 

[Surly Muppet]

He just flatly stated again that these forms mean nothing. You get audited and you make corrections before you verify at the end of that process that everything on the forms is now entirely accurate. It doesn't need to be correct on first filing. We're all idiots for assuming that the current errors and omissions mean anything.

Did Rochelle tell him this? That you submit incorrect information and then correct it as they call you on it?
But he also said there is 'documentation of everything'. If that's the case, why is it inaccurate? The strategy is clearly to throw a bunch of lies at the wall and see what sticks.

Phil has to end the stream early because he has to cook dinner for Kat. We're dropping 30 min.
He complained about missing work yesterday, but Kat can't even prep her own meal while he's filing for Chapter 7. Absolute clown show.

He keeps getting distracted with bans (up to 44 already) and blaming it on his illness.

 

[James Smith]

Phil just explained how the question "Do you have a pet?" is not a black and white issue.

You just hide your luxury expenses in "living expenses" dude! It's fine, he's had accounting training!

With what company, the fucking mob?

 

[Frogga]

Phil just said he didn't commit perjury because he wasn't in front of a court.

The document he signed and dated says otherwise.

 

[Schmeckel]

And thus begins the This Is How You Don't Bankruptcy saga.

 

[Army Burger]

DSP Tries It: Committing perjury

 

[WeeblesWobble]

Phil just said he didn't commit perjury because he wasn't in front of a court.
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The document he signed and dated says otherwise.
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This dude is trying to blind run this shit and I don't think he understands how serious this COULD be. Especially saying these things on camera.

 

[the khat quaffer]

My only legal knowledge comes from watching Night Court as a kid, so forgive me if this question is stupid.

Would Kat be wise (from a purely economical perspective) to ditch Phil, or is she tied into the shitstorm no matter what she does? I'd assume that being married makes them mutually responsible for debts accrued since they got hitched, so even if she divorced him she'd still be on the hook for part of the debts or whatever needs to be paid/seized as a result of bankruptcy, but again, I'm not a lawyer, just a guy who'd find it hilarious if Phil's wife also got effectively repo'ed because of this.

She'll probably leave him when he even hints at the possibility that her xbox live/PS+ accounts get 404'd by the bankruptcy

 

[King Daddy Telomerase]

First things he babbles about after talking about bankruptcy... Tuesday is my day off and I'm buying another game. This guy.

 

[Surly Muppet]

Phil was sick and didn't know what was going on, but he knew his forums were down yesterday. "I don't know WHY! I certainly don't control that."
And now the forums are back. People had 'conspiracy theories' it was related to Phil 'being sick'. And there's the semantic out... it was actually because he didn't want people talking about this.

Yes Phil. I'm actually 100% certain that the site was down to stop the flow of information. Just like it went down for the same 2 day timeframe when you confirmed the foreclosure.
That's a pretty wild coincidence there, sir.

 

[DarkScrubPhil]

I've never been through bankruptcy, so for anyone familiar with the process...is this normal?

 

[UncleTusky]

Knowledgeable folks, it is possible that the bankruptcy attorney Rochelle purposely wanted Phil to put this bogus information as some obligatory attempt to qualify for Chapter 7 for some purpose?

A bankruptcy petition can originate under any chapter, there isn't a rule saying it must have been turned down under Chapter 7 before it can go to chapter 11 or 13. If this is some 4-D chess way to get it converted to Chapter 13 without just filing it as a Chapter 13 case, the judge will still crucify him for the false information and there is no guarantee it'd be approved either way (it's possible to be ineligible for both).

 

[I can't imagine]

That's exactly how you don't fill out forms as important as these. He is basically admitting that he is only doing this to slow down foreclosure proceedings. I really do hope he tells anyone moderating this that he wanted to "fill out the form and fix it later." I'm sure they will help him with how seriously he is taking this. Telling people, "I know that these federal legal forms are not correct but I plan on fixinf them later," is not a good idea.

It's actually pretty reasonable to file immediately if it's an urgent situation (like foreclosure/liens and the like) and provide estimates, then correct it with the actual numbers. The difference between this and that, though, is that those estimates should at least be in the realm of reality, and not, well, look like you're totally making them up so that you qualify for a Ch.7. As an example: if you write down that your insurance payment is $120/month and it turns out it's actually $112/month, it ain't gonna matter. If you say it's $350/month, though...that's an issue.

In DSP's case, he's included some very suspicious numbers (the $5,000/mo business expenses, for one) which will definitely be questioned by the trustee. I'm gonna take a wild guess that DSP isn't terribly fond of bookkeeping, so the odds he has records that even remotely justify that number is pretty unlikely.

 

[Phalanx]

It feels like drowning at this point, he is willingly committing perjury. He honestly thinks the IRS is not going to commit research on someone with 500,000 in debt this isn't like 10k that is piss money for the feds. 500k is not, he is utterly insane if he thinks its going to go down like he thinks. Even looking at the base numbers his taxes, make no utter sense compared to the declared amount he earned. He is 50k under the correct amount.

If he survives this still it won't go his way because he is being far too greedy.

 

[Comma]

Oh wow. I just thought about the next possible story arc if the bankruptcy is turned down by the judge or something.

He's going to blame his lawyer.

Well... that was quick.

 

[tomstone]

he basically just said that a bankruptcy filing just lets you get rid of all of your debt so you can start over without any repercussions.

 

[Iron Hamster]

Here's a couple of things I had questions on:
What is this part where he indicates liens on both properties? Is it from the same source?
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Is Midland Mortgage associated with MidFirst bank? Or was that the original loan holder? Who is First Mortgage? Or what does that indicate?
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Is Phil claiming no 'Other Property' mortgage payments or HOA fees? So he knows he doesn't have ownership of the CT condo?
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Is Phil claiming he has made $0 so far this year?
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Why does Phil refuse to list Kathy's occupation and refuse to list the length of time she has been employed there?
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Don't know what game he thinks he's playing but 'first mortgage' is the same as the original mortgage and there is a specific box to check for that. Not 'Other'. Is he going to say his lawyer is really that incompetent?

 

[Wing Zero]

Don't know what game he thinks he's playing but 'first mortgage' is the same as the original mortgage and there is a specific box to check for that. Not 'Other'. Is he going to say his lawyer is really that incompetent?

Why not? It wouldn't be the first person he's thrown under the bus. The difference though is that the lawyer has credentials and a FAR bigger bus.

 

[Smertest Wisard]

My only legal knowledge comes from watching Night Court as a kid, so forgive me if this question is stupid.

Would Kat be wise (from a purely economical perspective) to ditch Phil, or is she tied into the shitstorm no matter what she does? I'd assume that being married makes them mutually responsible for debts accrued since they got hitched, so even if she divorced him she'd still be on the hook for part of the debts or whatever needs to be paid/seized as a result of bankruptcy, but again, I'm not a lawyer, just a guy who'd find it hilarious if Phil's wife also got effectively repo'ed because of this.

Generally debts are divided just like assets are during divorce, so she probably can't escape all of it by ditching Phil.
That being said, leaving Phil is always an advantageous decision.