[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

[James Smith]

Damn lol... I was wondering if Phil swept something under the rug and tried to keep it under wraps... Oh well just more for the creditors to look at.

The sale price is still interesting to see. It means the deficiency against him, if/when it goes through, is going to be upwards of $50K.

 

[King Daddy Telomerase]

I dont get his game plan in this to be honest.

It's a 37 year old manchild desperate to keep the only thing of value he has left in his life, his condo. Who has never dealt with any consequences for the endless mistakes he's made in life, and genuinely believes he's never done anything wrong.

 

[Kosher Dill]

Is it possible Dave started whaling out on sweaty wrestling men after his marriage?

I wonder if it started when Kat banned him from watching his sweaty men grappling show on TV. His raging homosexuality may very well have gotten redirected into the gacha game.

 

[Tanner Glass]

Something that really blows my mind about how much in debt he really is, is the fact that I love shows like Kitchen Nightmares and Bar Rescue. People running restaurants and bars are in a lot of episodes only in debt like 300k. They have staff, product and utilities to deal with on an entire building AND their homes. This fat cunt has sat in his room with none of that and is still in debt over 200k more than they are.

The irresponsibility involved in this whole thing is truly astounding. You don't accidentally get this deep in the hole. He deserves to get absolutely hammered by the creditors.

Yeah but how many 4 star gold WWE wrestlers do restaurant owners typically have? I bet 0.

 

[detractorzer0]

Yeah but how many 4 star gold WWE wrestlers do restaurant owners typically have? I bet 0.

Au contraire, our resident Pigroach wanted to open up a restaurant. He would be the first.

Which makes me laugh so hard my face hurts. This guy who can't balance his checkbook wanted to own a restaurant.

 

[Schrödinger's Kat]

For a start Chapter 7 is meant for people with a lot less debt we're talking like 10k or 20k not effing 500k.

Its not so much about the amount of debt, its more about the income when it comes to Chapter 7. Usually someone filing Chapter 7 has no income, or very little. They may have a medical problem or injury that prevents them from working and they racked up enormous debt to pay the medical bills. These are the types of cases typically seen in Chapter 7 and are rubber-stamped through. Phil's case is unusual for other reasons.

Phil has a shit-ton of income, he just blows it all. He'll have to prove he has those outrageous expenses to qualify for Chapter 7, and he won't because it will just expose his gacha addiction. I'm fairly confident he won't get Chapter 7, but he might get Chapter 13, which would be bad for him because he's not good at paying bills. He misses a payment then say goodbye to the WAKahndo.

 

[actually]

This guy who can't balance his checkbook wanted to own a restaurant.

Keep in mind, though, that in typical DSP fashion, that was all he wanted to do. He literally just wanted to own the restaurant, have other people do everything from managing down to cooking, and be handed money every month. Which is, as you note, absolutely hysterical.

 

[tzgnilki]

Its not so much about the amount of debt, its more about the income when it comes to Chapter 7. Usually someone filing Chapter 7 has no income, or very little. They may have a medical problem or injury that prevents them from working and they racked up enormous debt to pay the medical bills. These are the types of cases typically seen in Chapter 7 and are rubber-stamped through. Phil's case is unusual for other reasons.

Phil has a shit-ton of income, he just blows it all. He'll have to prove he has those outrageous expenses to qualify for Chapter 7, and he won't because it will just expose his gacha addiction. I'm fairly confident he won't get Chapter 7, but he might get Chapter 13, which would be bad for him because he's not good at paying bills. He misses a payment then say goodbye to the WAKahndo.

if he gets audited, he'll probably pignosis his way out if it and pretend he hasn't kept 7 years of book keeping & get slapped with a small fine

 

[Martys_not_smarty]

Keep in mind, though, that in typical DSP fashion, that was all he wanted to do. He literally just wanted to own the restaurant, have other people do everything from managing down to cooking, and be handed money every month. Which is, as you note, absolutely hysterical.

And he'd run it like Amy's Baking Company made famous on Kitchen Nightmares where he'd fire staff on enmasse on the fly and blame everything on yelpers. Seriously though does he even know the first thing about restaurant management and how thin a margin almost all small time establishments have?

 

[BrokeACKMountain]

I can imagine him ignoring criticism of his food in much the same way he handles criticism of the phasitive khantent he uploads to the internet.

In an alternative reality:

The tax guy that fucked him over would be the supplier selling him out of date meat - how was he supposed to know he was responsible for the food standards of his own restaurant? The supplier should of checked!

Howard and Rambo would be two chefs who complained about lack of pay and poor working conditions.

He never changed the oil in the kitchen frier because Tefal never called him.

Jerking off on twitch would be something like him taking a shit with the door open and not washing his hands in front of customers.

Instead of putting money towards his Twitch streaming, he now spends the profits on WWE Cham... wait nevermind

 

[RavingMage]

I don't even know how he is going to tangle his own self-employment income from the personal side of it, especially when he did such a poor job of submitting an accurate record of his own finances. And the thing is, it is in his best interest to be as accurate as possible. Not only would this protect him, it would make it harder for the creditors and their trustee to actually come after him.

Those that are self-employed have their own hurdles when it comes to filing for bankruptcy. An inaccurate record will hurt them much more profoundly then someone that has permanent, regular employment. Far from actually coming out on top from hiding assets, it could have the very real repercussion of harming him if it is allowed to go through.

Another thing I noticed, even though I'm not sure how it would actually be implemented, is whether Phil only married Kat due to the doubling of some exemptions that are allowed when you file for Chapter 7 bankruptcy. In his video, he is right, they can't just 'take your bed'. You are entitled to keep up to a certain amount of belongings up to a certain dollar amount in several categories.

Full list is here. https://www.nolo.com/legal-encyclopedia/washington-bankruptcy-exemptions.html

Take note of the section regarding spouses. "If you file a joint bankruptcy with your spouse in Washington, you and your spouse can each claim the exemption amounts for property that belongs to both of you. For example, you can’t use your vehicle exemption to protect your spouse’s car unless both have an ownership interest in the car."

Now, I'm not saying he went out on the hunt to look for someone to marry to claim this, but it does make sense why he would rush to get married shortly before declaring bankruptcy.

 

[tzgnilki]

Another thing I noticed, even though I'm not sure how it would actually be implemented, is whether Phil only married Kat due to the doubling of some exemptions that are allowed when you file for Chapter 7 bankruptcy. In his video, he is right, they can't just 'take your bed'. You are entitled to keep up to a certain amount of belongings up to a certain dollar amount in several categories.

Full list is here. https://www.nolo.com/legal-encyclopedia/washington-bankruptcy-exemptions.html

Take note of the section regarding spouses. "If you file a joint bankruptcy with your spouse in Washington, you and your spouse can each claim the exemption amounts for property that belongs to both of you. For example, you can’t use your vehicle exemption to protect your spouse’s car unless both have an ownership interest in the car."

Now, I'm not saying he went out on the hunt to look for someone to marry to claim this, but it does make sense why he would rush to get married shortly before declaring bankruptcy.

they aren't filing for bankruptcy together, she's just on there as his spouse

he got married to pretend he's an adult

 

[Iron Hamster]

they aren't filing for bankruptcy together, she's just on there as his spouse

he got married to pretend he's an adult

well, to not be lonelier anyway.

 

[James Smith]

Seriously though does he even know the first thing about restaurant management and how thin a margin almost all small time establishments have?

No, he doesn't. He operates a business with a 90% or higher profit margin and doesn't understand that most businesses operate with less than a tenth of that. He thinks he's going to spend a few grand and walk away with a few grand a month of passive income. Even the best stocks don't offer a return that high.

Finance degree? Useless.
Business classes? Useless.
Getting lucky on YouTube? Priceless.

 

[tomstone]

when philbert said he wants to open a restaurant what he really meant was: "i want people to work for me so i can make a lot of money and stay lazy."

 

[Colloid]

Regardless of how the judgement actually shakes out, I’m eager for the 341 meeting audio release. Publication of the initial filing has already made Phil more of a washed up drunkard now than he ever was before, and I look forward to yet another public airing of his failures that’ll make him squirm even harder. He deserves ever bit of shame and humiliation coming his way.

 

[DZoomer]

Regardless of how the judgement actually shakes out, I’m eager for the 341 meeting audio release. Publication of the initial filing has already made Phil more of a washed up drunkard now than he ever was before, and I look forward to yet another public airing of his failures that’ll make him squirm even harder. He deserves ever bit of shame and humiliation coming his way.

Do we have an ETA of when the audio will become available after the meeting has finished? I wonder if this is something that will take weeks for us to see.

 

[Martys_not_smarty]

Do we have an ETA of when the audio will become available after the meeting has finished? I wonder if this is something that will take weeks for us to see.

It could be end of the business day in the courthouse if were lucky, worst case scenario maybe two to five business days.

 

[Salubrious]

Since his WA condo is above water, could DSP have just gotten a home equity loan for the $131K, paid all the credit cards off, and then at least he would be paying 5% interest instead of 30% interest? I was just thinking about that the other day when I went to the bank and saw home equity loans for 5%.

I know DSP would fuck it up eventually, but I'm just wondering if that would have at least been an option for normal people before declaring bankruptcy?

If maybe not the full $131K, something like $80K to $100K or whatever his actual equity is in the house?

 

[SaidNoOneEver]

Since his WA condo is above water, could DSP have just gotten a home equity loan for the $131K, paid all the credit cards off, and then at least he would be paying 5% interest instead of 30% interest? I was just thinking about that the other day when I went to the bank and saw home equity loans for 5%.

I know DSP would fuck it up eventually, but I'm just wondering if that would have at least been an option for normal people before declaring bankruptcy?

If maybe not the full $131K, something like $80K to $100K or whatever his actual equity is in the house?

I don't think he could've gotten a HELOC with his credt and current debt-load situation. He could sell it and solve most of his problems but he doesn't want to. It's going to be pathetic when the bankruptcy court orders it sold anyway and the only difference then is that his credit will be destroyed and all his other possessions will also be gone.

Selling the WA condo would give him minimum $125k cash in his pocket, probably closer to $175k. He could pay his entire credit card debt, past taxes+penalties along with a huge chunk of the CT condo deficit while still having enough leftover for a few months rent in a small place to start over. With the streaming revenue he claims on the bankruptcy filing he'd be back on his feet with enough for a down-payment on a new comparable house in 6-9 months. Problems solved. He would still have all the credit cards but with zero owed on any of them.

Instead he files for Ch. 7 bankruptcy where they're going to sell ALL his shit, giving him a max $125k cash payout - then leaving him with no credit and unable to finance anything for the next decade while still owing all the back taxes. It makes absolutely no sense whatsoever.