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

  • 🔧 At about Midnight EST I am going to completely fuck up the site trying to fix something.
Status
Not open for further replies.
No one is going to put int he effort to put Phil into prison for prejury. He's not a small fish, hes a plankton. Prejury is usually sued for people who hide tens of millions of assets, usually business related or when hiding said assets fucks over the government.

Phil doesnt make his creditors any money in prison. That is their only priority.
The effort to put him in prison? I agree, most likely not. However, perjury is still a serious crime which will likely result in, de minimis, a throwout of his filing. Keep in mind, though someone might not get jailed for perjury, there could very well be fines for it which wouldn't take much effort at all.
 
The effort to put him in prison? I agree, most likely not. However, perjury is still a serious crime which will likely result in, de minimis, a throwout of his filing. Keep in mind, though someone might not get jailed for perjury, there could very well be fines for it which wouldn't take much effort at all.
Even so, can he not just file bankruptcy again at a later date?
 
iirc, you have to wait MONTHS before you can do it again
and in the meantime you'd have several companies breathing down your neck
Not to mention that having your claim rejected outright would mean extreme scrutiny of every element if you re-file. That’s one of the reasons why it’s advisable to go over everything very carefully the first time and make sure that nothing you say or submit on your paperwork requires any clarification or explanation.

Accuracy and transparency are the only things that matter in financial records, and they will either save your life, or end it.
 
Toyota's are better than that, and built specifically for negligent women driver's. I'm sure he has lifetime free oil changes that they text him about.

You don't have to be a woman to like a car where the odometer rolls over twice and you haven't had to put in any significant amount of money to maintain it. If DSP somehow killed a Corolla, his negligence exceeds that of the average female.
 
How is his PS VR business related? You haven’t used it in years and you hate VR with a passion.
To be fair, Phil probably never uses any consoles outside of streaming so he's not lying about them purely business expenses. Except for whatever Katherine and Leanna played.
 
You don't have to be a woman to like a car where the odometer rolls over twice and you haven't had to put in any significant amount of money to maintain it. If DSP somehow killed a Corolla, his negligence exceeds that of the average female.

As someone who had to drive a friend out to his stranded wife, because she didn't know cars required gas to run... no, no, you're right. Phil couldn't give a straight yes/no for if his business is a sole proprietor or not. Ask him if he put gas in the tank and if so what date, you'd get a "I believe" and a rough estimate that could be off by a fucking month.
 
delusionalsydephil

5C3192F5-8F98-4E2E-A518-84909A61921A.jpeg


what he was replying to:

B5166100-F593-4259-8DE3-D90A05D3BDE7.jpeg
 
To be fair, Phil probably never uses any consoles outside of streaming so he's not lying about them purely business expenses. Except for whatever Katherine and Leanna played.
To use a restautant analogy like Phil, if your restaurant had an old pizza oven and didn't make pizzas anymore, wouldn't they sell it? He has a bunch of consoles he doesn't use. Sell them, nudnik.
 
To use a restautant analogy like Phil, if your restaurant had an old pizza oven and didn't make pizzas anymore, wouldn't they sell it? He has a bunch of consoles he doesn't use. Sell them, nudnik.

Do you know the shipping costs of an oven dude? And most of his fans are overseas, he doesn't want to do that to them.
 
He can't claim the entirety of the federal tax he has to pay. He can only claim the "employer" portion of it. I have no idea how to calculate that (and neither does he), so I just listed the whole amount.
2019 FICA is 7.65% of his income for the portion his business pays, Phil is personally paying 15.3% as he has to pay both the employee's and employer's portion due to being self-employed. That is if he was actually making his Estimated Income Tax payments monthly, and it doesn't sound like he's been paying them this year either.
@Prince Lotor has the basic gist, but here is the formula for determining the 15.3% self-employment tax.
  1. If net earnings are negative, self employment tax is zero.
  2. Multiply net earnings by 92.35% (0.9235). If this amount is 400 or less, self employment tax is zero.
  3. Multiple the answer in 2. above by 15.3% to get self employment tax.
  4. Half of the self employment tax value is an above-the line credit/deduction.

If DSP makes what he claims to make in a month, chances are he should be making quarterly federal tax estimates of at least 25% of his net earnings (15.3% SE Tax + whatever percent his tax bracket is, the minimum being 10%). Depending on Washington State's tax rates, he could be required to make quarterly state tax estimates as well. For various reasons, many that should make these payments don't and end up paying a balance due with their return -- even if it means they pay a slight penalty for failing to make quarterly estimates when their tax liability is above the Federal ($1000) and/or state thresholds.

The IRS would be a different issue though, and that’s where we’d really get into flavour country.
Generally, the IRS can only look back three years for an examination; six year if income is understated by 25% or more. If the IRS can establish a return was filed fraudulently, then the statute of limitation disappears and the IRS can examine returns as far back as it wants.

was caught by washington state division of taxation, a completely different animal with much less powers and investigation budget.
Perhaps Washington doesn't have the resources to perform aggressive audits, but some states can be more relentless than the IRS when it comes to state tax issues. YMMV.

iirc, you have to wait MONTHS before you can do it again
and in the meantime you'd have several companies breathing down your neck
If the petition for bankruptcy is dismissed, I'm pretty sure the protection from creditors pursuing debt collection goes with it upon dismissal. If that were to happen to DSP, you can bet the creditors will use what was learned during the failed peition to bolster their collection efforts.
 
Last edited:
iirc, you have to wait MONTHS before you can do it again
and in the meantime you'd have several companies breathing down your neck

More importantly, Midfirst will have obtained a deficiency judgment by then and during the absence of a bankruptcy, will be able to file a lien against the WAkondo.
 
delusionalsydephil
To play semantics Phil here:

Phil wasn't asked specifically about electricity, internet and phone bill. And I'm sure he would gladly remind us that he has 2 separate internet lines, only 1 for the business. Debunked.

Also, Phil never said that he stopped using credit since October, he only said he was aware he was insolvent since he started talking to Rochelle. It was only implied by the imposter Mr. Ellis.
 
Phil wasn't asked specifically about electricity, internet and phone bill. And I'm sure he would gladly remind us that he has 2 separate internet lines, only 1 for the business. Debunked.

He's free to do so, except that he didn't list any internet lines on his "personal" expenses. So either he's only got 1, or he's been claiming both as a business expense. Haha whoops!
 
I hope that everyone eagerly anticipating DSP getting nailed to the wall for his mobile gaming addiction are prepared for a big letdown. As funny as it would be, it's probably not going to happen. Remember that no one involved in his bankruptcy is likely to ever watch any of his streams or read literally thousands of pages of autistic breakdowns in some openly oddball internet forum.
And even if they do check into him and skim some of his streams because he's so shady looking (and he is), they're not going to go watch decades of footage for specific breakdowns of how long he played each game and what in-game purchases he made while doing so. The time and motivation just aren't going to be there for what amounts to chump change in the big picture. Phil explained to the court that he's a video game streamer by trade and told them that those game microtransactions, every single one, are business expenses, and that's probably going to be accepted without a fight. I'd love to be proven wrong on that one because it'd be absolutely hilarious if he gets raked over the coals for being hopelessly addicted to Bejeweled: Scantily Clad Men edition, but I just don't see that actually happening.

Similarly, no one's going to say that he's got too many games or consoles, or the wrong ones, or that he's not being efficient enough in parting out his less-used gaming inventory once he might be done with it. Yeah, sure, some streamers only ever play Minecraft and spend very little as a result, but that's not what Phil does and no one's going to shout angrily at him in a courtroom that he needs to be more like some other streamer. He has a stockpile of underused gaming equipment he could realistically liquidate, but his entire schtick is regularily playing new games while being a clown and begging for pennies, so he's not going to catch any heat for games that he's bought and not yet sold off. And arguably he shouldn't. There's laws against outright fraud, but there's absolutely nothing illegal about being bad at your job and making poor financial decisions. It's not a crime to be an abject failure.

He is totally fucked though, just not for those reasons. What is going to fuck him is that even though he's making six figures but is so bad at running his business that he's still declaring bankruptcy, somehow every single one of his expenses and costs magically line up perfectly with the value of his overpriced condo in a way that will allow him to keep his home and change absolutely nothing about his life or his habits. That shit will come under scrutiny really fast, in a way that no one's going to be willing to drop until they're completely satisfied.

If he was telling the truth about the home's value, he'd probably still be okay, lies about his mobile gaming addiction and all. But he lied about the wrong thing, the thing everyone is looking for every time someone files their papers. And now he's about to find out that he turned what would have been him getting handwaved through the system into the system putting a rubber glove and reaching all the way up his ass.
 
Status
Not open for further replies.
Back