[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 of Not Playing Games]

If I were presiding over the procedure, my questions to Phil would be (assuming the court understands “streaming” as an occupation)

1. what are you spending 5k a month on for your business?
2. Why haven’t you sold your CT condo? (“Midfirst wouldn’t take a short sale at some distant point in the past” is not an acceptable answer to this)
3. What have you spent money on since filing for bankruptcy?

I can’t think of anything DSP could say that would make a judge/arbiter happy to any of those questions. And they are all SUPER germane to whether or not DSPis displaying good faith in filing.

 

[gaarashatan]

is phil gonna go to jail for lying about his money and expenses and messing up his form so much?

 

[tomstone]

very very very slim chance he`s going to jail.

 

[NotreallyPutin]

is phil gonna go to jail for lying about his money and expenses and messing up his form so much?

No, because he did nothing wrong and you're a mentally ill shithead *snort* fair enough? Moving on.

 

[AnOminous]

very very very slim chance he`s going to jail.

He'd have to ignore several more notifications that he could get put behind bars if he keeps doing what he's doing, and so far, he's just ignored the one on the perjured form he signed.

 

[Richard Harrow]

He'd have to ignore several more notifications that he could get put behind bars if he keeps doing what he's doing, and so far, he's just ignored the one on the perjured form he signed.

Agreed. He'd have to explicitly display a pattern of misconduct: Perjuring form, verbally perjuring himself via testimony, hiding/moving assets, under/over valuing his assets, and other forms of fraudulent activity. The one perjured form would likely have this thing thrown out. With or without prejudice is uncertain and would depend on the trustee to make the determination.

 

[Il_Duke]

Did you know some companies make their employees work minor Federal holidays, even if none of their clients are around to actually get any real work done? Anyway, here's some unrelated autism:

Any of my old accounting professors would have failed me for this, but I wanted to just get a VERY rough impact of where his "munny, to pay those bills" was actually going before he declared bankruptcy. I tried to source as much as I could, but enough of this comes from Wallethub, Creditkarma etc. that you've got to make assumptions based on assumptions. I also tried to be very very conservative, and it shows in a few places:

- Minimum payment is almost never just going to be 1% of balance, every issuer says "Plus fees, additional accrued interest, etc." but for the sake of providing a minimum value and not assuming, I often just threw in 1 or 2 %.

- This ignores both the possibility of Penalty APR (higher rates that kick in when you miss or delay a payment) and Cash Balance / Balance Transfer APR (Higher rates paid for cash advances or transfers from other cards, which Phil admits he's kited in the past). Either of those can immediately ramp a card up to as high as 29.99%.

- I'm assuming the same Good Credit right through the end - I doubt Phil could get the "OK" B rates on those personal loans when he didn't have any other options, but I'm trying to be conservative

Again, this is very very rough and very very conservative - my initial chicken scratch suggested he could have been paying $130 PER DAY in interest before declaring bankruptcy, but I wanted to at least get a bare minimum in my head of what this guy was throwing into a black hole (and could go right back to throwing if the bankruptcy is flat denied). Dude could have probably paid some "Consolidation firm" to negotiate and write this off into some 40-50k secured loan at 6%, but he's genuinely convinced himself that he can snap his fingers and say "nuh uh" and have it go away.

 

[Iron Hamster]

AmEx balances are due ever month unless they are over $100 purchases and he agreed to 'pay over time' plan

 

[King Daddy Telomerase]

Looking at this as a creditor, the last thing I'd want is an idiot like Phil to get on bankruptcy where you can't collect more interest on him for 3+ years. Force him to sell the WAkhando to pay off his debt, and then you know exactly what Phil will do. Sign up to more credit cards and go back to burying himself in debt.

 

[Shick]

is phil gonna go to jail for lying about his money and expenses and messing up his form so much?

No. While he has committed perjury already, it's going to take a hell of a lot more than this to convince anyone to actually bring charges against him. As other people have pointed out, imprisoned men can't pay their creditors.

 

[ZehnBoat]

No. While he has committed perjury already, it's going to take a hell of a lot more than this to convince anyone to actually bring charges against him. As other people have pointed out, imprisoned men can't pay their creditors.

if phil is going to jail it's going to be after lying over and over and over again
or choosing not to pay what he owes because "IM DEBT FREE DUDE!!"

 

[maximus855b]

very very very slim chance he`s going to jail.

No there are no more Debtor's Prisons. Its just a formality in the form just in cast they really,really want to punish someone or need something on someone.

 

[FelixGibraltar]

Judge:
"Mr. Burnell, stop recording in the court, no one cares, and if you keep doing that instead of amending your form with accurate information about your American Express card you will be disqualified from bankruptcy"

DSP to Khet:
"When was the debt incurred? You still havent told me dooood!"

"DO YOU WANT ME TO RUN YOUR FUCKING COURT PROCEEDING FOR YOU?!?"

 

[Freshtodeath]

Do you think Phil believes min payments are getting over on these creditors so thats why he does it? Like what was his end goal here? was he expecting to have 1 year of 400k income?

 

[tzgnilki]

Do you think Phil believes min payments are getting over on these creditors so thats why he does it? Like what was his end goal here? was he expecting to have 1 year of 400k income?

considering his payment plan for 2018 taxes, $20,000 total, is still $15,000 in 2020, and the payment plan is supposedly for $500 a month

he's paying less than minimum, and that's a bill he's "afraid he'll go to jail if he doesn't pay"

he'd be treating his credit cards and loans with a lot less urgency

 

[Richard Harrow]

No there are no more Debtor's Prisons. Its just a formality in the form just in cast they really,really want to punish someone or need something on someone.

That and let's face it: There are way bigger fish to fry when it comes to bankruptcy fraud. You got people (referring to private citizens; not businesses) out there that are in the hole for millions with a lot more to lose than two condos.

 

[Kosher Dill]

AmEx balances are due ever month unless they are over $100 purchases and he agreed to 'pay over time' plan

Depends on the card. Amex issues both charge cards (the green card, gold card, etc) where you have to pay in full every month, and credit cards like Blue that let you carry a balance.

 

[gaarashatan]

No. While he has committed perjury already, it's going to take a hell of a lot more than this to convince anyone to actually bring charges against him. As other people have pointed out, imprisoned men can't pay their creditors.

so what does he stand to lose then if hes not going to jail. surely theyll make him move out of his 500k family house that only has him and her. also isnt perjury a crime?

 

[Wing Zero]

so what does he stand to lose then if hes not going to jail. surely theyll make him move out of his 500k family house that only has him and her. also isnt perjury a crime?

The problem is you can't really prove the perjury is intentional unless it's a case of it happening multiple times. With Phil's papers especially, a judge would probably chalk it up to Phil being a complete idiot and simply dismiss the bankruptcy.

 

[FelixGibraltar]

The problem is you can't really prove the perjury is intentional unless it's a case of it happening multiple times. With Phil's papers especially, a judge would probably chalk it up to Phil being a complete idiot and simply dismiss the bankruptcy.

I can't wait to see the stream the day after that happens.

"Nothing I could do dood! Detractors screwed me over repeatedly. They're complete idiots!"