[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

[Richard Harrow]

Chapter 7 bankruptcy actually has an overwhelmingly huge success rate (allegedly 99% according to Wallethub.com) and something tells me the "King of Retro" will fall into that 1% that doesn't make it. I think a lot of it will depend on his actual verbal responses to the questions on his paperwork. Considering the inconsistencies and lack of transparency in his filing, he's gonna have a hell of a time with this one. A common practice (to sniff out fraudulence) is for the court to simply to ask the filer what he answered for question [insert #]: If he gets that wrong, which he likely will, then it will certainly set the pace for the hearing. They'll point out every single error filed in the paperwork and if there are too many discrepancies, the best case scenario is the Ch. 7 fails and he'll actually be barred from filing under that chapter.

 

[Bryan Dunn]

So yesterday Phil had a prestream @AnOminous and in this 2 hour session he repeatedly stated that even if the filing is inaccurate, missing information or flat wrong. He will be able to just "amend and update" the filing privately. He heavily implied that this was an attempt to keep his financial numbers private from public eyes. He also implied that he did nothing wrong and did what his lawyer told him.

My question is this. Is it possible he will be given a chance to just amend the filing or update it? Will this also be public if he does this?

 

[LiquidCancer]

So yesterday Phil had a prestream @AnOminous and in this 2 hour session he repeatedly stated that even if the filing is inaccurate, missing information or flat wrong. He will be able to just "amend and update" the filing privately. He heavily implied that this was an attempt to keep his financial numbers private from public eyes. He also implied that he did nothing wrong and did what his lawyer told him.

My question is this. Is it possible he will be given a chance to just amend the filing or update it? Will this also be public if he does this?

From what I've been told by other forum users. If there are any mistakes or things that needed to be added he is required to let everyone know during the debtor meeting. That form he submitted is the official filing so it shouldnt have any mistakes as blatant as he's done.

 

[FamicomGorby]

BREAKING NEWS

Meeting with the creditors has been scheduled for 3\5\2020 at 10am with Trustee Nancy L James.


Source
View attachment 1127996
Source 2
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Welp, they're getting a deluge of emails.

My question is this. Is it possible he will be given a chance to just amend the filing or update it? Will this also be public if he does this?

Any amendments to his filing should be public as well, it's not like some weird trick you can use to hide shit from the public.

 

[Richard Harrow]

So yesterday Phil had a prestream @AnOminous and in this 2 hour session he repeatedly stated that even if the filing is inaccurate, missing information or flat wrong. He will be able to just "amend and update" the filing privately. He heavily implied that this was an attempt to keep his financial numbers private from public eyes. He also implied that he did nothing wrong and did what his lawyer told him.

My question is this. Is it possible he will be given a chance to just amend the filing or update it? Will this also be public if he does this?

Anyone can file an amendment to a claim and it won't be delayed. However, certain issues can arise. One, there is usually a small amendment fee which is inconsequential to say the least. Two, which is a pretty big one, is that the first form submitted must have been submitted in "good faith," essentially meaning Mr. Piggy had to disclose information to the best of his ability the first time around. Perjury rules still apply before the amendment is filed. If the amendment and the initial form vary wildly, as in beyond a few unintentional mistakes or a major life change, then this could stop the process completely in it's tracks with a possible investigation into perjured documents. If Phil adds additional creditors or financial entities to the amendment, then the added parties need to be notified. What Phillip doesn't understand is that the amendment will only add to the scrutiny his paperwork will fall under. So if this is an elaborate attempt to fool the "mentally ill detractors," he'll only realize he's shot himself in the foot.

 

[LiquidCancer]

Out of all the mistakes on his "initial filing" what mistake is the worst? How about where he said he's not getting foreclosed on but is?

 

[strandedcastaway]

Out of all the mistakes on his "initial filing" what mistake is the worst? How about where he said he's not getting foreclosed on but is?

Claiming $5000 to $9000 a month in business expenses in order to get his income low enough to file this type of bankruptcy. The whole basis for him qualifying for Chapter 7 is based on totally fake numbers, just blatant lies.

Phil's not going to debtors' prison like in Victorian England. But filing fake financial numbers like this is just another example among hundreds of a person who lies so much he doesn't even know what the truth is, and a guy who thinks he's playing 4-D chess when he has a checkers mentality.

 

[LiquidCancer]

What could he even claim the $5000 a month business expenses are?

$200 for internet, maybe $50 for his wheelchair website? $250 for games? ummm?

 

[Denmark Mafia]

Decided to take a peak at Tevin's coverage but that shit is unwatchable. What an absolute bumbling exceptional nigger. (neg ratings from autistic "detractors" incoming)

 

[Synth]

What could he even claim the $5000 a month business expenses are?

$200 for internet, maybe $50 for his wheelchair website? $250 for games? ummm?

There's other things:

Ordinary and Necessary Expenses (O & NE) Definition

Ordinary and necessary expenses incurred by individuals for business or primary employment are typically tax deductible in the year they're incurred.

www.investopedia.com

2nd section, go to the 5th bullet point:
Interest: any interest expenses on money borrowed, to cover the costs of business activities.

He can theoretically count interest on debt as a business expense if the debt was originally acquired to support the business, but on shitty consumer credit cards, he'd need to justify like $20k worth of debt as supporting the business in order for that number to really work. I'm not sure how interest accrued by kiting debt around works or gets applied here, though. I've kind of talked to soap about it, but who the fuck really knows.

 

[Richard Harrow]

There's other things:

Ordinary and Necessary Expenses (O & NE) Definition

Ordinary and necessary expenses incurred by individuals for business or primary employment are typically tax deductible in the year they're incurred.

www.investopedia.com

2nd section, go to the 5th bullet point:
Interest: any interest expenses on money borrowed, to cover the costs of business activities.

He can theoretically count interest on debt as a business expense if the debt was originally acquired to support the business, but on shitty consumer credit cards, he'd need to justify like $20k worth of debt as supporting the business in order for that number to really work. I'm not sure how interest accrued by kiting debt around works or gets applied here, though. I've kind of talked to soap about it, but who the fuck really knows.

This is where checking, savings, and credit card statements come into play. Any and all relevant financial information can be requested to substantiate any vague entries in the paperwork.

 

[Exceptional Chimp]

What could he even claim the $5000 a month business expenses are?

$200 for internet, maybe $50 for his wheelchair website? $250 for games? ummm?

Sweaty manhugs from his WWE husbandos. Who knew the blonde he rubbed one out to was Hulk Hogan?

 

[Synth]

This is where checking, savings, and credit card statements come into play. Any and all relevant financial information can be requested to substantiate any vague entries in the paperwork.

Absolutely, and it will be. He's going to have to argue that all of that shit was used to support the business, and that's where having an actual good lawyer (as opposed to hiring a mill lawyer) can help. I can't find it off the bat, but somewhere in those forms it mentions that attaching receipts to prove business expenses is required. So, if he hasn't done it yet, he'll have to do it during his hearing.

 

[James Smith]

Where did the money go, Phil?

 

[Ruthless54]

What could he even claim the $5000 a month business expenses are?

$200 for internet, maybe $50 for his wheelchair website? $250 for games? ummm?

Overdraft fees.... that motherfucker

 

[harbinger]

This is where checking, savings, and credit card statements come into play. Any and all relevant financial information can be requested to substantiate any vague entries in the paperwork.

If submitted, will all this become part of the public record?

 

[Tiddymonster]

My guess would be that he knew they would be publicly visible and so left a lot of things out, as was stated it's not a big deal to get things wrong at this stage because they have systems in place to correct the documents later. Will the final, updated documents of bankruptcy also be public or are they handled differently?

Anyway, no matter what happens he won't goto jail. If they sent him to jail they would be punishing the companies he owes money too, not him because he makes money by streaming to pay them.

 

[Richard Harrow]

If submitted, will all this become part of the public record?

Not likely. Statements even if partially redacted present a security risk due to the critical information involved. If any content within his statements come out it'll be recorded in the most abbreviated way possible in the findings and only if said statement(s) are critical in making a determination.

 

[Xenomorph]

He’s gotta be somewhere BY 10am? Poor Philip isn’t going to enjoy that Morning...

Do you think he will wear his big boi suit?

 

[BallBuster]

He’s setting up everything to blame his eventual denial on this lawyer. It’s pretty obvious by how he says “if things are wrong I’ll fix them” and “I’m just listening to my lawyer”.

He can claim whatever he wants as business expenses but if he is asked to prove it then he will be fucked.

He can’t claim his mobile addiction because he can’t prove it. If he had been streaming the game, then I think he would be in better shape in that regard, but he hides the account and denies everything about it so if he is smart he won’t try claiming that.

What he can claim is:

1 TV
1 laptop
All Consoles
1 Webcam
Sound dispersing foam
1 loveseat
1 cowboy hat
1 begging shirt
1 shaky spawn gaming seat
1,000 crunched water bottles
1 bedroom of jizz and sadness