[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

[AnOminous]

So in all reality the first block I see him hitting is that he won't qualify for Chap7 and have to go Chap13. So will they go so far as throw out his bankruptcy entirely (with prejudice) or just stop when they see he's hit the chap7 threshold and kick it back? I assume he also would just be told at that point to start from step 1 again and refile entirely instead of hopping tracks to a chap13 mid-filing right?

Dismissing it with prejudice on a first filing would be pretty extreme, even as obviously as he's outright lying and making shit up on the form. I see a conversion to 13 or a dismissal (without prejudice) as pretty likely outcomes, and he'll have to pay a lot more in legal fees if the mortgage holders (or anyone else) kick up a fuss.

 

[DiabeticSP]

My hope is he goes chapter 13, they force him to sell the WAkonda and since the CT condo is being foreclosed already he cant move into it, forcing him to find some ramshackle busted piece of shit house to move into since he can't get a third mortgage on bankruptcy credit score.

 

[King Daddy Telomerase]

If Phil goes Chapter 13, isn't the whole point of doing that to save the WAkhando? He has nothing else of significant value.

 

[Si vis pacem para bellum]

If Phil goes Chapter 13, isn't the whole point of doing that to save the WAkhando? He has nothing else of significant value.

I think you'd be surprised how much you could juice that fat sentient kidneystone.

 

[DiabeticSP]

If Phil goes Chapter 13, isn't the whole point of doing that to save the WAkhando? He has nothing else of significant value.

Just because Phil says he won't lose the condo doesn't mean he won't.

They can make his life miserable enough to eventually force his hand unless he's all in on ruining his life by being stubborn.

 

[Iron Hamster]

All one has to do is watch his streams to see it costs relatively nothing after initial investment. I have a small business that relies on travel and inventory and I don't have those kind of expenses.

 

[King Daddy Telomerase]

Just because Phil says he won't lose the condo doesn't mean he won't.

They can make his life miserable enough to eventually force his hand unless he's all in on ruining his life by being stubborn.

Yes, but there's no point of Phil going through with Chapter 13 without the WAkhando. What would his payment plan be for? He doesn't care about his debt or car he drives once per month.

 

[NursezillaX]

I've probably read ~80% of this thread, and I can't think of any reference to his Patreon? Is this something that should be explicitly stated as a source of revenue / similar to the PayPal situation, or can it just be rolled into his monthly revenue total without itemizing the specific source?

And on that note, I haven't seen where his Patreon stands for a long time, but I assume it's still low hundreds minimum. Who tf would STILL be dumping money into that black hole as a means of 'supporting' him?? He still has it advertised during prestreams on screen cards as offering 'amazing perks', lmao is he actually still giving 'text shout outs' and 'amazing' shit like that, or has every Patron left just forgotten that they lose a few bucks a month to him and it's just total passive income he doesn't even need to think about anymore?

 

[Si vis pacem para bellum]

And on that note, I haven't seen where his Patreon stands for a long time, but I assume it's still low hundreds minimum.

It's at $376 dollars and now that you mention it I haven't heard of it mentioned so far yet either.

 

[NotreallyPutin]

they force him to sell the WAkonda

*Snort*

"Hey everyone, Phil here"

*Depressing sigh followed by rocking back and forth*

"It's not good guys. They, ummmmm, rejected my chapter 7 and made ME do a chapter 13 bankruptcy. Which isn't what I wanted AT all, okay?"

*Lean in snort, followed by lean in ban*

"So uhh, hu ha, I'm back at my folk's house. It's me and my family you know, Khat and Jasper. You can really help with my bankruptcy payments by tipping me."

I'm waiting. We'll see him streaming from his old room in CT by the end of the year.

 

[actually]

It's at $376 dollars and now that you mention it I haven't heard of it mentioned so far yet either.

Probably wrapped into the general "gross income " since it's not really an account. PayPal on the other hand can hold money and be used as something like a bank account where you can accept money and pay for things. I think they even do business accounts and shit, so it definitely shouldn't have been included, even if there's no money in it because Phil's funneled it all to WWE Champions.

 

[AnOminous]

If Phil goes Chapter 13, isn't the whole point of doing that to save the WAkhando? He has nothing else of significant value.

He has a fairly steady income stream. That's why Chapter 13 would actually make more sense, from the perspective of the creditors. In Chapter 7, they just liquidate every nonexempt asset and split the proceeds, then the rest of what they're owed goes away. In Chapter 13, the pigroach has to work to pay them for the next several years, and if he fails, THEN they liquidate everything. They'd obviously prefer Chapter 13, which is why they'll almost certainly try to force him into it.

 

[Titanic]

Before the hearing, the judge told me that he's a huge fan of my work, and he agrees that this isn't my fault, its all Tevins fault.

He did everything correct.

 

[harbinger]

unless he's all in on ruining his life by being stubborn.

Spoiler alert

 

[Kermit the Frog]

Phil's gonna get fucked when he has to fork over the bank statements. The creditors are for sure going to want to take a look at his July 2019 transactions when he claims to have had $9,086.95 in business expenses alone. He filed his bankruptcy petition at the very end of January to make sure that month was on it, which really skews his net income. With it, he's claiming $9,234.53 in monthly income with $5,243.84 in monthly expenses for a net income of $3,990.69. Combine that with Kat's monthly income of $1,742.32 and you get the $5,733.01 that Phil provided. Keep in mind that Phil wants to get as close as possible to Washington's median monthly income for a family of 2 of $5,541 so he can qualify for Chapter 7 bankruptcy. If we take the skewed month out and do just the last 5 months of income, he's at $9,437.58 in monthly income ($203 more) with $4,474.22 in monthly expenses ($769 less) for a net income of $4,963.36. Combined with Kat's $1,742.32, this puts their monthly income at $6,705.68. This is important because this would put their income just slightly below the state average of $6,845 for a family of 3 (sorry Phil, Jasper doesn't count) and way above the income for a family of 2, thus most likely disqualifying Phil from Chapter 7.

In short: Phil including July 2019 makes a net difference of $972 per month. He definitely doesn't want Chapter 13 and is desperately cooking the books to make it happen. Something tells me that Phil didn't realize he's going to have to prove his claims with actual evidence and thought everything would be through the petition that he could bullshit. It's why he was at first so adamant that there were no mistakes until literally everybody pointed out all the shit wrong with it and he changed his story.

 

[tzgnilki]

Phil's gonna get fucked when he has to fork over the bank statements. The creditors are for sure going to want to take a look at his July 2019 transactions when he claims to have had $9,086.95 in business expenses alone. He filed his bankruptcy petition at the very end of January to make sure that month was on it, which really skews his net income. With it, he's claiming $9,234.53 in monthly income with $5,243.84 in monthly expenses for a net income of $3,990.69. Combine that with Kat's monthly income of $1,742.32 and you get the $5,733.01 that Phil provided. Keep in mind that Phil wants to get as close as possible to Washington's median monthly income for a family of 2 of $5,541 so he can qualify for Chapter 7 bankruptcy. If we take the skewed month out and do just the last 5 months of income, he's at $9,437.58 in monthly income ($203 more) with $4,474.22 in monthly expenses ($769 less) for a net income of $4,963.36. Combined with Kat's $1,742.32, this puts their monthly income at $6,705.68. This is important because this would put their income just slightly below the state average of $6,845 for a family of 3 (sorry Phil, Jasper doesn't count) and way above the income for a family of 2, thus most likely disqualifying Phil from Chapter 7.

In short: Phil including July 2019 makes a net difference of $972 per month. He definitely doesn't want Chapter 13 and is desperately cooking the books to make it happen. Something tells me that Phil didn't realize he's going to have to prove his claims with actual evidence and thought everything would be through the petition that he could bullshit. It's why he was at first so adamant that there were no mistakes until literally everybody pointed out all the shit wrong with it and he changed his story.

he had said that bankruptcy was being considered way back in april

was he autistic enough to conveniently script expenses in july so he could qualify/hit the median income threshold

I don't think he would do this much research, which means it's a lie or he decided to fudge the numbers

 

[Iron Hamster]

He can't justify the 5k a month as a business expense. He's so screwed he doesn't even know it.

 

[tzgnilki]

He can't justify the 5k a month as a business expense. He's so screwed he doesn't even know it.

5k a month, let alone 9k in july

i'm thinking maybe he had some house work or repairs done, maybe new air con

I want to believe he didn't just write down 9k expenses because it would qualify him for the bankruptcy and hoping noone would think twice

 

[King Daddy Telomerase]

I want to believe he didn't just write down 9k expenses because it would qualify him for the bankruptcy and hoping noone would think twice

It's either that or Phil is including taxes, bills, etc... into that 9k. Whatever the reason is, it's retarded, and the trustee needs to rip Phil to pieces.

 

[Iron Hamster]

5k a month, let alone 9k in july

i'm thinking maybe he had some house work or repairs done, maybe new air con

I want to believe he didn't just write down 9k expenses because it would qualify him for the bankruptcy and hoping noone would think twice

In a condo, that's quite a bit of interior work. Plus, it would only apply to whatever room he uses for the business. The monthly maintenance fees usually cover everything outside the condo. If one wanted to be generous, I guess you could pro rate the monthly fee toward the biz.
He could only claim a percentage of his electric and internet/possibly phone bill unless it's a dedicated business line.
I imagine he could only claim whatever depreciation is allowed on the electronics he doesn't have that are used for the biz.
He's going to have to cough up some tax returns beside the 2019 one I imagine.
The 2019 one they want is going to fire off warning flares alone. He had best correct his perjured paperwork fast.