[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

[Mr.PiggyOinkOinkOink]

he doesn't want to use his rainy day fund to pay for emergencies when wheelchairs can just throw thousands at him if he begs regularly enough

Well to be fair he’s gotta save it all for rainy days

 

[I'mPushingButtons]

I just had a random thought:

What are the odds that Phil is going to walk into a courtroom full of annoyed lawyers, a judge, and a horrified Trustee all very annoyed that a individual named Fred Fuchs spammed their emails of the Phil Jackin' it video?

 

[Martys_not_smarty]

I just had a random thought:

What are the odds that Phil is going to walk into a courtroom full of annoyed lawyers, a judge, and a horrified Trustee all very annoyed that a individual named Fred Fuchs spammed their emails of the Phil Jackin' it video?

If it was anyone here they would have bragged about it and I haven't seen it, now the reddit page that's a different story.

 

[Salubrious]

I just had a random thought:

What are the odds that Phil is going to walk into a courtroom full of annoyed lawyers, a judge, and a horrified Trustee all very annoyed that a individual named Fred Fuchs spammed their emails of the Phil Jackin' it video?

Why spam that video, which is technically irrelevant to the case, when you can spam dozens of videos of DSP blatantly lying about his finances?

 

[AnOminous]

he needs bank statements for the 341 meeting, but he'll pigsplain each transaction

If it's tens of thousands of dollars going to the same thing for months and months, they'll want more than oinking out of him. They're going to be what the fuck is this you're doing with our money?

he kinda fucked himself over by trying to file before the foreclosure was finished

The opposite. If he'd waited until they foreclosed they'd have been able to get a lien on his current house and it would be a secured interest. He'd be guaranteed to lose the WAkondo in that case.

 

[actually]

Why spam that video, which is technically irrelevant to the case, when you can spam dozens of videos of DSP blatantly lying about his finances?

Or shit, just point them to the FAQ thread that's pinned. It covers, with evidence, all the shit he got wrong/lied about in his filing. Just updated it with the amended filing showing his Paypal account.

 

[der rademacher]

Well only because it's a total loss for DSP and he then goes and commits suicide. It's the absolute worst loss from his perspective and means he's a total failure at life. He'd never recover.

Who knows? Given his delusive mind, he could continue to spin his LaLa-Land saga, blaming all on the dirty contractors who did cost him everything he achieved by his own accord and hard work because of their stupid undeserved hatred for him. Nothin' he could do. He did everything correct and his totally-not-a-business-business was a huge success. Now please send money to the following address as tips won't continue to go directly to his bills.

 

[BScCollateral]

I'm not a lawyer, nor have I ever been involved in a bankruptcy case, but I could imagine a scenario where he gets away with it.

I have no trouble believing someone might spend five grand a month making YouTube videos. I'd bet that if someone climbed Kilimanjaro with a cameraman or something equally ambitious he'd legitimately spend $60k a year or more on production costs, and that's still small potatoes in the field of professionally produced video.

Phil just points a camera at his couch, but is someone involved in the case going to actually watch DSP and get a realistic cost estimate from someone with experience in the field?

I'm sure they do this regularly with other businesses, and they have legal experts who can tell you exactly how much it costs to raise a cow or whatever because they've dealt with ten thousand agricultural cases. But "Content creator?" How much experience do they have with a field like that?

 

[Wing Zero]

I have no trouble believing someone might spend five grand a month making YouTube videos.

I'm gonna stop you right there, because NOBODY is spending five grand a month making Youtube videos and you're insane if you think that's a standard business expense. Even people who keep their setups up to date and buy all the major gaming titles every month wouldn't spend anywhere near 5k.

 

[Dandelion]

I'm sure they do this regularly with other businesses, and they have legal experts who can tell you exactly how much it costs to raise a cow or whatever because they've dealt with ten thousand agricultural cases. But "Content creator?" How much experience do they have with a field like that?

A mere twenty minutes of internet searching is all that any person (let alone a professional) needs to fully confirm that Phil's 5k-a-month business expense is bullshit.

 

[actually]

I'm not a lawyer, nor have I ever been involved in a bankruptcy case, but I could imagine a scenario where he gets away with it.

I have no trouble believing someone might spend five grand a month making YouTube videos. I'd bet that if someone climbed Kilimanjaro with a cameraman or something equally ambitious he'd legitimately spend $60k a year or more on production costs, and that's still small potatoes in the field of professionally produced video.

Phil just points a camera at his couch, but is someone involved in the case going to actually watch DSP and get a realistic cost estimate from someone with experience in the field?

I'm sure they do this regularly with other businesses, and they have legal experts who can tell you exactly how much it costs to raise a cow or whatever because they've dealt with ten thousand agricultural cases. But "Content creator?" How much experience do they have with a field like that?

Thing is, if they're not clear how he's spending $5000+ a month (and up to $9000+), they ought to ask. If the expenses are legit, he should be able to describe them in detail. They can then ask what equipment he uses, what new equipment he's purchased (none, in the last couple of years, unless he was lying about the PS4Pro and 4KTV being gifted--even then, claimed they were $800), how many games a month he buys, and what size his "office" is. Even being generous, I couldn't come up with more than a couple thousand dollars in business expenses.

Edit: Question for @AnOminous and @SoapQueen1, at least one of you has talked about Phil being able to include some of his self-employment taxes (the "employer" portion) as part of his business expenses...but he also hasn't been paying all of his federal taxes (hence the payment plan). Surely he can't claim all of it as an expense, right? Only the portion he's actually paid out, and only at the times he's actually paid it? Similarly, I assume he could claim some portion of the 2018 federal tax payment plan as a business expense, although it looks like he just listed it under his unsecured priority debt, so I guess he's not.

 

[King Daddy Telomerase]

If one is spending $5000/month on Youtube videos and is declaring bankruptcy, then they obviously need to find another job and the judge should angrily throw them out of court for wasting their time.

 

[tzgnilki]

the final countdown to the season finale where he'll bait donos to tell ppl what happened in an attempt to debunk what info is available to the public

 

[Cpt_Autismo]

We know that his property tax is covered with the mortgage.
So if Phil stopped paying the CT condo, wouldn't that also mean that his property tax won't be payed? And that Phil could be facing more tax issues after the foreclosure?

 

[James Smith]

Question for @AnOminous and @SoapQueen1, at least one of you has talked about Phil being able to include some of his self-employment taxes (the "employer" portion) as part of his business expenses...but he also hasn't been paying all of his federal taxes (hence the payment plan). Surely he can't claim all of it as an expense, right? Only the portion he's actually paid out, and only at the times he's actually paid it? Similarly, I assume he could claim some portion of the 2018 federal tax payment plan as a business expense, although it looks like he just listed it under his unsecured priority debt, so I guess he's not.

He can take out a tab at Gamestop, get all his consoles and games there, and never pay. They're still expenses because he still bought things. It's a very common accounting method. He just needs to use it all the time or none of the time on his bookkeeping / bankruptcy documents.

You can count income and expenses when you incur / earn them or when you actually give / receive the money.

 

[tzgnilki]

We know that his property tax is covered with the mortgage.
So if Phil stopped paying the CT condo, wouldn't that also mean that his property tax won't be payed? And that Phil could be facing more tax issues after the foreclosure?

never thought about this, I wonder how much property tax he theoretically owes

 

[Salubrious]

The entire bankruptcy saga comes down to one thing:

Will the judge ask DSP to explain his $5000/month expenses?

I think everyone's "fear" in this case is that the judge won't ask this question and just rubber stamp everything. If the judge doesn't, DSP can lie on the forms all he wants (exaggerated, but you get my point). If the judge does, DSP is going to get read the riot act.

 

[James Smith]

We know that his property tax is covered with the mortgage.
So if Phil stopped paying the CT condo, wouldn't that also mean that his property tax won't be payed? And that Phil could be facing more tax issues after the foreclosure?

Either the lender is paying it out of pocket or he's paying it directly. It's either more debt (that can't be discharged) or he's still paying.

 

[Beetus Knuckles]

I'm not a lawyer, nor have I ever been involved in a bankruptcy case, but I could imagine a scenario where he gets away with it.

I have no trouble believing someone might spend five grand a month making YouTube videos. I'd bet that if someone climbed Kilimanjaro with a cameraman or something equally ambitious he'd legitimately spend $60k a year or more on production costs, and that's still small potatoes in the field of professionally produced video.

Phil just points a camera at his couch, but is someone involved in the case going to actually watch DSP and get a realistic cost estimate from someone with experience in the field?

I'm sure they do this regularly with other businesses, and they have legal experts who can tell you exactly how much it costs to raise a cow or whatever because they've dealt with ten thousand agricultural cases. But "Content creator?" How much experience do they have with a field like that?

I can think of a few YouTube creators that spend this kind of money, but not many. All of these so called business expenses need to be meticulously documented with receipts if he has the slightest chance of his Chapter 7 ruse succeeding. He’s self employed, which already draws increased scrutiny. He’s high income claiming he passes the means test due to high business expenses, which is strike two. And he’s got a valuable asset in the WAKhando that is skirting the exemption ceiling using possibly dubious means. All it would take is the trustee or US Trustee being a little curious and DSP could be looking at major issues with his petition.

 

[King Daddy Telomerase]

the final countdown to the season finale where he'll bait donos to tell ppl what happened in an attempt to debunk what info is available to the public

Phil left his Wednesday night stream open, and it's likely for this. Ugh, this guy.