[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

[actually]

Wait, that makes no sense. Why would they force Phil to sell it?! They already started foreclosure, they will just continue with that if they get the relief from stay (interrupt me if I'm wrong). Phil will then be on the hook for the difference between the mortgage and however much the condo sells for.

The Washington condo, which has appreciated in value.

 

[myone]

The Washington condo, which has appreciated in value.

We were talking about Midfirst Bank, no? Aren't they in charge of the conneticut property? Maybe I'm confused.

 

[tzgnilki]

Wait, that makes no sense. Why would they force Phil to sell it?! They already started foreclosure, they will just continue with that if they get the relief from stay (interrupt me if I'm wrong). Phil will then be on the hook for the difference between the mortgage and however much the condo sells for.

after midfirst has repossessed the CT condo, there's a remaining $$ value cause the mortgage/loan is worth more than the sale value of the CT condo

midfirst can apply to the court for this amount to be collected via a lien (after a relief from stay) on his WA property, which is what they'll be going for since his only other personal asset is a shitty corolla

once there is a lien, they can demand payment in full, negotiate a payment plan, or request a court order for phil to sell the WA condo to satisfy the debt

 

[break these cuffs]

We were talking about Midfirst Bank, no? Aren't they in charge of the conneticut property? Maybe I'm confused.

Midfirst can get a judgement lien on the Washington condo and the court could potentially force Phil to sell it because the property has appreciated in value and there is equity in the property. Roughly $125,000 worth of equity iirc. If he owes Midfirst $50,000, the court can force Phil to sell the Washington condo to pay Midfirst back.

 

[DiabeticSP]

You don't pay your lawyers for time and effort to motion against some jackass' mortgage unless you've decided you can turn a profit.

If they're gunning for Phil they want every last nickle dime and penny he owes them and they think its likely they get it.

 

[Iron Hamster]

once there is a lien, they can demand payment in full, negotiate a payment plan, or request a court order for phil to sell the WA condo to satisfy the debt

You've heard Fail's plan. They're not getting a dime! It's foolproof.

 

[AnOminous]

You've heard Fail's plan. They're not getting a dime! It's foolproof.

They must be fools. He told them that they were making a huge mistake not bowing to his demands. Now whatcha gonna do when Pigroachmania runs wild on you?

 

[ZehnBoat]

Now whatcha gonna do when Pigroachmania waddles tepidly away from you?

fixed that for you buddy

 

[cold55]

What will Phil's PayPal Account show in the last six months? Will it sink him?

 

[Sir Wesley Tailpipe]

What will Phil's PayPal Account show in the last six months? Will it sink him?

It will sink him to the earth’s core. His paperwork being so misrepresentative of the actual facts constitutes perjury, and any examination of his finances will result in rejection of his bankruptcy claim entirely, and open him up to tax evasion investigation.

This being a legal issue, and not just dealing with YouTube or Twitch, he can’t just lie and argue his way out of it.

 

[TankMelee]

What will Phil's PayPal Account show in the last six months? Will it sink him?

The way I see it, the bankruptcy application is like a ship going through a minefield. While it can pass through unscathed (as unlikely as it looks now), it can fail in a number of ways and there are a myriad of ways it could happen.
Will they realize he's shoving so many of his expenses under the rug of "business related = tax deductible = ordinary and necessary" to deflate his income? Will they reckon his home value high enough to make him liquidate it? Will they realize or determine so much of his income is extraneous (mobage) that they require him to buckle down and pay his debts under chapter 13? Will MidFirst snatch the WAkando out from under his bankruptcy?
The trustee even asking for more information means that DSP should feel like Frodo caught on the Seat of Seeing by the piercing Eye of Nancy L. James.

 

[Beetus Knuckles]

It will sink him to the earth’s core. His paperwork being so misrepresentative of the actual facts constitutes perjury, and any examination of his finances will result in rejection of his bankruptcy claim entirely, and open him up to tax evasion investigation.

This being a legal issue, and not just dealing with YouTube or Twitch, he can’t just lie and argue his way out of it.

I don’t think Dave’s evading taxes by under reporting his income, but he’s probably writing off bogus expenses to reduce his tax liability. If the trustee determines this is true (i.e. the expenses on his schedules match up to his taxes), she could refer the matter to the IRS. This could lead to an audit and to huge penalties and interest.

 

[Sir Wesley Tailpipe]

I don’t think Dave’s evading taxes by under reporting his income, but he’s probably writing off bogus expenses to reduce his tax liability. If the trustee determines this is true (i.e. the expenses on his schedules match up to his taxes), she could refer the matter to the IRS. This could lead to an audit and to huge penalties and interest.

That was what I was talking about, I just streamlined it.

 

[AnOminous]

I don’t think Dave’s evading taxes by under reporting his income, but he’s probably writing off bogus expenses to reduce his tax liability.

Why not both?

 

[Beetus Knuckles]

Why not both?

I like the cut of your jib. If you’re going to do one, you might as well swing for the fences.

 

[ditto]

Will the April 10 event also be open to the public?

 

[tzgnilki]

Will the April 10 event also be open to the public?

it's taking place in court, which is public

 

[GnomeofDoc]

Now whatcha gonna do when Pigroachmania runs wild on you?

.30 caliber at minimum to start with if I got 100 + meters. Under 100 meters 9mm.

 

[kiwirevolving]

What will Phil's PayPal Account show in the last six months? Will it sink him?

According to LightSydePhil on Twitter:

•YouTube
•Twitch
•Patreon
•Tips
•June 1st -Retrospective Steam
•August 4th -Jasper Reveal
•August 29th -Rage-a-thon
•September 29th -Retrospective Stream
•October 24th-31st, Halloween week begathon for $1800

Plus any other behind the scenes donations he 100% got

 

[HeProteck]

I've looked at the 14-15 files but didn't find an answer, does phil have to be present on that April 10 hearing?