[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

What will happen with his case following the 341 meeting?

  • Still gets Chapter 7

    Votes: 126 18.1%

  • Changed to Chapter 13 and ultimately fails to make his required payments

    Votes: 218 31.3%

  • Chapter 13 and successfully completed all payments

    Votes: 19 2.7%

  • Complete dismissal of the bankruptcy

    Votes: 334 47.9%
  • Total voters
    697
Status
Not open for further replies.
tripmix said:
Could Phil file a mistrial for mentally ill nud niks interfering with his case?
Click to expand...

I wouldn't think so. It would have to take a lot more than that.

Regardless of what DSP likes to believe, he is not the most famous person to ever declare bankruptcy. There are way more famous people and corporations that have and DSP is a small fish in a very big pond.

As others have said, DSP being a small fish is actually beneficial to him, because it increases the non-zero chance that his forms just get rubber stamped and moved on. The judge may have more important things to do with her time.
 
  • Agree
  • Like
Reactions: spiritofamermaid, twattycake, FamicomGorby and 4 others
tripmix said:
Could Phil file a mistrial for mentally ill nud niks interfering with his case?
Click to expand...

I've never actually heard of a mistrial in a bankruptcy case. If it's possible, it's happened, I suppose. You can appeal them if you don't like the result.
 
I haven't seen any updates regarding his filed paperwork so I apologize if this has been addressed. I'm assuming if Phil wants to make corrections to his paperwork before the hearing on March 5th he will need to pay another fee to his lawyer? Have we seen anywhere that he has made those corrections, or is he just going to wait until the court either passes it or forces him to re-file as a delaying tactic?
 
TurboSwine said:
I haven't seen any updates regarding his filed paperwork so I apologize if this has been addressed. I'm assuming if Phil wants to make corrections to his paperwork before the hearing on March 5th he will need to pay another fee to his lawyer? Have we seen anywhere that he has made those corrections, or is he just going to wait until the court either passes it or forces him to re-file as a delaying tactic?
Click to expand...

lawyers don't lift a finger without being paid

he made an amendment but it's still full of lies
 
SaidNoOneEver said:
The biggest variable is how busy the bankruptcy court is. That will determine how much scrutiny his filing gets. If this was 2008/2009 it would've already been rubber-stamped. If it's a slow day there's a higher likelihood of the judge allowing the creditors to crawl up his ass.

I'm in the camp that doesn't see him keeping the WA condo. The paper value is too obviously manipulated. It would be outrageous to force the other creditors to eat upwards of a quarter-mill that he squandered while allowing him to remain in a $400k residence.

I'm confused about the other condo. Does anyone know what the original price he paid for it was and when? How long has he been paying for it and how much has he paid so far for it to be so underwater?
Click to expand...
Bankruptcy protects your home. It's considered a hardship to force someone out of their home which would contradict the purpose of bankruptcy. They can heavily suggest it by increasing the amount of debt that has to be paid back; there's an exemption limit on home equity.

SaidNoOneEver said:
Jesus, did he get an ARM during the bubble times? From what I gather (which is admittedly not much, only started following this hilarious saga about a month ago) he's been paying a mortgage on it for 10 years and still no where near paying it off. He seems to still owe more after a decade of payments than its current market value which seems hard to believe. I'd love to see those numbers.
Click to expand...
He purchased the CT kahndo from a friend-of-a-friend from work. He didn't go through a realtor to "save money". DSP was too dumb to realize that the seller pays realtor fees, so it didn't save him money at all. In fact, losing the experience of a realtor meant that Dave obviously over-payed. Large Ups to the Scammer of Pigs.

tzgnilki said:
it lines up with a 30yr mortgage
Click to expand...
and the first 12-14 years is paying the interest of the mortgage. Dave paid the minimum payments, so he paid nearly 0 principal. Even when he was "Making crazy money, d00d". :story:
 
Last edited:
  • Like
  • Informative
Reactions: spiritofamermaid, The proper channels, 74 Screaming Armadillos and 1 other person
shioq said:
Bankruptcy protects your home. It's considered a hardship to force someone out of their home which would contradict the purpose of bankruptcy. They can heavily suggest it by increasing the amount of debt that has to be paid back; there's an exemption limit on home equity.
Click to expand...

That exemption is $125k in WA. The valuation that Phil listed for his home is from about 2016 and, along with including a realtor fee to lower the price further, it just so happens to get his equity below the exemption.

Every site I looked at values the home anywhere from $20k-$40k higher, which would put him outside the exemption.
 
  • Like
Reactions: spiritofamermaid, Mesh Gear Fox, 74 Screaming Armadillos and 1 other person
shioq said:
Bankruptcy protects your home. It's considered a hardship to force someone out of their home which would contradict the purpose of bankruptcy. They can heavily suggest it by increasing the amount of debt that has to be paid back; there's an exemption limit on home equity.
Click to expand...
Every state handles that differently. Washington sets the limit at $125k. The court can force the sale of the condo, in which case DSP can keep upwards of $125k (his equity) and the rest goes to the creditors. I'm sure he can find somewhere else to live with $125k.

Only a few states protect the entire home regardless of value. IIRC Florida is one. That's why OJ bought a mansion and moved there before declaring bankruptcy.
 
Last edited:
  • Like
  • Thunk-Provoking
Reactions: spiritofamermaid, Mesh Gear Fox, 74 Screaming Armadillos and 2 others
actually said:
That exemption is $125k in WA. The valuation that Phil listed for his home is from about 2016 and, along with including a realtor fee to lower the price further, it just so happens to get his equity below the exemption.

Every site I looked at values the home anywhere from $20k-$40k higher, which would put him outside the exemption.
Click to expand...
$125K ! :stress: That's nuts! Man, if Dave has more than $100K in equity, then he really is a moron for not selling and moving to Texas.

Wouldn't forcing the sale of the Wakahndo screw the lender out of profit (interest) though? It's not that lender's fault Dave screwed other lenders.
 
Last edited:
  • Like
Reactions: spiritofamermaid and Stationary aszs
actually said:
Every site I looked at values the home anywhere from $20k-$40k higher, which would put him outside the exemption.
Click to expand...

Just the shady 9% he subtracted for the future cost of sale puts him over the limit. I looked on Zillow and it doesn't recognize his address (17505 110th Ln), which is odd considering his filing. Zillow does show a 30-unit complex at 17583 110th Ln Se Renton, WA 98055, and even the historical values are higher than he claims: https://www.zillow.com/b/17579-110th-Ln-SE-Renton-WA/47.44665,-122.193212_ll/
 
  • Like
  • Agree
Reactions: spiritofamermaid, Mesh Gear Fox, 74 Screaming Armadillos and 2 others
Status
Not open for further replies.
Back