[26-Mar-2020] Philip's 341 Creditor Meeting - When what should be 5 minutes becomes an eternity.

[Schrödinger's Kat]

Prior to this 341 meeting, I was leaning towards conversion of the bankruptcy to Chapter 13. Now, after hearing the testimony, I'm heavily leaning towards outright dismissal.

Phil was only able to answer yes or no questions and questions regarding his finances we're largely dodged. How much he makes per month is not clear. How much he spends per month is not clear. The value of his assets is not clear. His business expenses are not just questionable but downright bogus. The filing itself was confusing as hell and Phil somehow managed to make it even more confusing during the questioning.

What does Nancy have to work with? If she can't get concrete evidence that he does or does not qualify for Chapter 7, what his business assets are and what are personal, what choice does she have other than dismissal? She has to prove he makes enough to qualify for Chapter 13 before even filing the motion to do so, which contradicts his filing.

On top of that, I'm starting to think that he cleaned out the PayPal using this instant transfer to right before filing just to show a zero balance on the filing date. It may not have appeared yet on his debit card statement if he even provided it. He could have potentially hidden thousands of dollars by timing it just right, or even providing a statement that was just exported minutes before the transfer. That's probably why she brought up this suspicious transfer to begin with.

 

[Beetus Knuckles]

Whole place is 1610 sq. ft. I would venture a guess that maybe 150-200 sq. ft. would be a generous estimate of the office space.

Do you think, aside from games, that $500 a month is an extra generous ballpark if we guessed 10% of his expenses could be legitimately claimed? He’s fucked. Plain and simple.

 

[actually]

Do you think, aside from games, that $500 a month is an extra generous ballpark if we guessed 10% of his expenses could be legitimately claimed? He’s fucked. Plain and simple.

I've started working everything up. I'll probably make a post about it tonight. Look for a PM shortly.

 

[RockHawk]

Didn't he had some content regarding WWE on 2nd channel? It's not that huge slip and he can easily defend this subscription simply by saying it was for content production with dates of air. In his place I would be rather concerned of spending for WWE game.

content you created years ago doesn't justify a continued subscription to a service that you claim you don't own any equipment to even use it with.

 

[Iron Hamster]

Didn't he had some content regarding WWE on 2nd channel? It's not that huge slip and he can easily defend this subscription simply by saying it was for content production with dates of air. In his place I would be rather concerned of spending for WWE game.

He stated it was personal.

7. Home Office Deduction
For those who use part of their homes exclusively and principally for conducting business, the IRS allows a deduction for a portion of the costs. A simple method provides for a deduction of $5 per square foot of space, up to 300 square feet. Another option is to calculate the actual expenses, allocating expenses in proportion to the office’s size relative to the home. Recordkeeping is a must, but taxpayers could get some relief with bills associated with the mortgage or rent, utilities, repairs and maintenance.

10 Tax deductions you (maybe) didn’t know you had

Tax season probably isn’t anyone’s favorite time of year, but it is a necessity. By investing a little time and energy, you can uncover some opportunities to reduce your tax bill through various tax deductions offered by the IRS.

www.watrust.com

 

[Collections Agent]

We should probably have more faith in someone who throws the book at people easily 3x as smart as Phil on the regular

 

[N0thingICanDo]

We should probably have more faith in someone who throws the book at people easily 3x as BOOKsmart as Phil on the regular

Fixed for you

Phil is still much more STREETSMART than any other valedictorian you would know though

 

[DSPGouting]

Apologies in advance if this is pretty broad and in accurate but in layman’s terms:

• Daves household makes on average $10k a month from Leannas wage, Twitch, Patreon, Youtube, Tspring and direct Tips
• Dave claims that he has to pay around $5k towards business expenses and around $5k in personal expenses to live
• His business expenses he needs to pay out for are:
  • The business internet
  • The square footage of his “office”
  • New games to provide on demand videos for
  • A portion of the utilities(?)
  • Occasionally a new console every few years
• His personal expenses he needs to pay out for are:
  • Rest of the mortgage
  • Rest of the utilities
  • Other internet
  • WWE network
  • Groceries
  • Misc entertainment(?)
  • Pet supplies

Couple of thoughts on the above:

• There is no way in hell that the business expenses could ever possibly add up to $5k in any given month. maybe $1K at a push. This is likely where the $4k per month of naked sweat men are hidden.
• If we are all wrong about the sweaty men then there should be an extra chunk of cash hidden somewhere because we know he is pulling in approx $10k a month.
• Being generous because Dave is a brain dead nudnik and has a frivolous spending habit I can see how the personal expenses for the household can rack up to $5k
• If Dave is actually making $10k monthly and spending $10k monthly he is the greatest example of living beyond your means I've ever heard of.

In conclusion, I believe Nancy is either going to

1. discover the missing $4k(or how ever much it is) and determine he is not in fact eligible for bankruptcy and throw him to the wolves and hopefully he will have to sell the goutmansion and his toys OR
2. will see that the $4k is being spent directly on iTunes credit and/Or being withdrawn straight away with no receipts (can’t just say $4k of groceries and bills anymore Dave) and this will determine he is not eligible for bankruptcy because he could just change his spending habits).

if she finds out he’s a gambling addict that will be just too juicy.

this is just my tinfoil theory it’s probs wrong so pls do t crucifyme kiwis, we’re all in this together!

 

[Shokew]

Please fucking tell me someone isn't trying to bail this fat ugly fuck out. He doesn't deserve to be bailed out. He needs to be allowed to fail and truly become the failure that he is already. Off-topic (I know): I've seen him take Phoenix Wright and it left me fucking insane how incompetent he truly is with critical thinking, The kind of critical thinking you really do need in order to properly take care of yourself on a regular basis, such as paying bills and keeping your house/apartment/whatever property up-and-running for more than one damn week.

 

[GigaOPC]

I was listening to the Rekeita stream last night the trustee asked DSP about his twitch payment coming in and being immediately transferred to a debit card. And he answers that he transfers it to his bank account via his debit card. WTF is that about? You can just transfer it straight to a bank account why does he need to do anything with a debit card? He's confirmed in the past he has the Paypal debit card, but you don't need to transfer money to it it just takes the money from the paypal account. So is he transferring money from one paypal to the other, is his bank exceptional about handling direct deposit, does he think he is some master genius doing it this way or does paypal handle direct deposits funny.

 

[Beavis]

I was listening to the Rekeita stream last night the trustee asked DSP about his twitch payment coming in and being immediately transferred to a debit card. And he answers that he transfers it to his bank account via his debit card. WTF is that about? You can just transfer it straight to a bank account why does he need to do anything with a debit card? He's confirmed in the past he has the Paypal debit card, but you don't need to transfer money to it it just takes the money from the paypal account. So is he transferring money from one paypal to the other, is his bank exceptional about handling direct deposit, does he think he is some master genius doing it this way or does paypal handle direct deposits funny.

If you transfer to your debit card it’s instant, but PayPal takes a very small fee for it. Transferring to your bank is free, but may take up to 72 hours depending on the bank you use and that PayPal money burns his pockets up.

 

[Sparkletor 2.0]

Phil claims he has not used credit since October.

The truth is he is technically still using credit, just not a credit card. Think about all the times he says he overdrafts his bank account. He doesn't have enough money in his bank account to pay for something. The bank let's the charge go through anyways for a fee on the agreement that he will pay for it later.

If he buys something now and pays for it later, that is using credit. The only difference is that big brain Phil is paying overdraft fees instead of credit card interest.

 

[Haunter]

Where can I read more about someone buying his debt? There's a message on the FP but the link doesn't go to that information.

Sorry for the delay with updates. I've edited the OP to include info on @nohandsboi. Since he hasn't returned to the site since the day of the call, we don't actually know whether or not he's legitimate and purchased any of Phil's debt.

 

[Alt+F4]

Ok so I think I understand what the piglet is doing with his strange filing.
So he makes 9-10K a month in just straight up income
Then he is claiming that he "needs" 5K for the "business" to exist so now he only has 4-5K
Lastly to exist in the WAkando "Personal" he "needs" the last 5K.

Obviously we know 5K a month to do his live streams is 100% bullshit, I would estimate max 1.5K
As for the living pig situation how he comes to 5K is from strange purchases and the mortgage of the WAkando + his payment for his backed taxes.

Nancy said that this is a Personal Bankruptcy filing, in the J section on the form was what she is looking at at that time which does have an "itemized" list of what he spends to exist in the WAkondo. What the "Citi Bank" guy and I want to know, as well as all of you is what could Phil possibly buy that adds up to an average of 5-6K a month for his business. Since this is a personal filing I wonder if Nancy will be looking into what exactly his business expenses are and if she just assumes that 5K is correct because she is ignorant of what it takes to do a live stream in Phil's situation. Phil treats his business expenses like classified military black ops, everything is redacted.

You also have to wonder if there are other sources of income he is just not reporting

Long story short; this dood is insane.

 

[ProvenWrong]

Most of us have been trying to figure ANY possible way he spent $9k in July 2019 since this came out on 31 January. We can't do it, even if we add up every possible personal expense.

Damn 9k!? I just did a bit of research to see if there was a stay cation or anything before I posted, but there's absolutely nothing ! I wonder if Kat has a side business - I was gonna say streamer and Phil went all out like he usually did and brought her stuff during that 2019 period and she didn't go through with it.
That's only me speculating though and a real big stretch since they known each other since 2018. Maybe she had to get her claws in Phil first and tested the waters then made him spend a fuck ton of cash.

I hope they'll be concrete numbers on that soon.

 

[marlintan]

In typical Phil fashion, he preempted almost all important answers with my “tax attorney” (which, by the way, just call him a fucking CPA like everyone else Dark) so he could admonish himself of potential faults if he were to get into trouble for filing falsified information. Just like his old CPA, Dark is taking the “but someone told me that was okay” route in case Nancy comes back with lube and a strap-on in the form of follow-up questions.

DSP is not going to get what he wants and he should expect the worst.

Point of order, you don't have to be a CPA or an enrolled agent or any of that to do someones taxes for a fee, I've passed a couple CPA exams, but i'm not interested in working for a public accounting firm, which you have to do for like 2000 hours (near a year) in order to satisfy the AICPA requirements to get a Certified Public Accountant distinction. The "Public" in that comes from the SEC monitored, publicly traded companies, you need to have a CPA distinction to sign off on a audit that their financial statements are materially correct. Dave isn't selling any stock for Burnell Productions as far as I know, he could use turbo tax for his return, its not rocket science.

 

[Beetus Knuckles]

I really think Phil believes that anything that facilitates his bring able to stream is a business expense. ”Listen, moron. I’m a gamer and I don’t have time to cook dood, so I get Schwan’s delivered. I can write that off because if I don’t eat, I‘ll die and can’t stream.” It’s like a plumber writing off a new mattress because if he can’t sleep, he can’t fix your sink.

 

[marlintan]

I really think Phil believes that anything that facilitates his bring able to stream is a business expense. ”Listen, moron. I’m a gamer and I don’t have time to cook dood, so I get Schwan’s delivered. I can write that off because if I don’t eat, I‘ll die and can’t stream.” It’s like a plumber writing off a new mattress because if he can’t sleep, he can’t fix your sink.

yea and there's the rub, he claims all these thing are business related, but, this is a personal bankruptcy, not a business one, so without a paper trail of exactly what and where these expenses went, and what constitutes them as being necessary & ordinary for his business, the trustee will likely find discrepancies, and all his "business" assets will be considered as personal, he has a sole proprietorship, and i'm sure he's too lazy to properly make the distinction in any meaningful way, so, if I were that trustee, the whole "business" line of questioning just has him digging his own grave, just gotta wait for him to fall in... NO BANKRUPTCY FOR YOU... or she makes him liquidate everything of value.

 

[PedoPhil]

Fucking hell, been away for a while but boy, after reading 64 pages and listening to that call, im glad to be back kekmao

 

[GigaOPC]

If you transfer to your debit card it’s instant, but PayPal takes a very small fee for it. Transferring to your bank is free, but may take up to 72 hours depending on the bank you use and that PayPal money burns his pockets up.

I found the page for it and it says it's a 1% fee to transfer to debit card. If DSP does this every month with just his twitch check like Nancy mentioned he spends $400-600 a year on transfer fees alone just on his twitch check for subs and bits. If he does it with his tips too then this guy spends like $1000 a year on transfer fees. I think almost all his money except for maybe youtube goes through paypal. This might just be something he does after filing for bankruptcy since he shouldn't be using credit cards, but this is phil so who knows.