[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.
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TankMelee said:
Before any jail time, the trustee can enforce payments by garnishing income, by co-opting his income from YouTube, Twitch, and possibly PayPal (and probably teespring too).
i.e. Nancy shouts into the courtroom, "Why aren't you paying?! You want me to manage your finances for you?!"
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Chapter 13 would be the funniest outcome. Phil would stop paying after a couple months tops. I don’t know if the trustee would bother trying to have Phil’s earnings garnished instead of just dismissing his bankruptcy and letting creditors run wild in him.

BallBuster said:
Interesting point. I’d love to see those grocery bills. What are the chances they are like $4-500 each because he has iTunes gift cards on them? The credit card bill won’t itemize what he bought, just show the final charge from Fred Meyer so he can just claim he bought food.
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Phil and Kat don’t seem like the cooking types unless they’re doing it for a stream. I wouldn’t be shocked if they average $100 a day on takeout delivery and restaurants. The only food they get at the grocery store is ready to eat junk food.
 
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detractorzer0 said:
Ahh you're right
youtu.be

Moving Vlogs 2014 - FINALLY Internet; Plans for Rest of Day

These are vlogs of Phil and Leanna's move across the country from Connecticut to Washington in June of 2014. This was a HUGE step and change for us and we wa...
youtu.be youtu.be
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Lmao he got a second internet line from the same company as the first? I bet hes the kind of person that keeps backups of important files on the same computer that he backed up from...


I'm just kidding there's no chance in hell he backs up anything important.
 
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wouldn't chapter 13 be the better outcome? there is a chance he may be forced to sell his home to pay creditors with chapter 7 but with a chapter 13 he keeps everything, gets put on a payment plan and all he'd have to do is turn up the begging and set sub goals to like 1k. instead of vest reminders every 15 minutes he'd just throw it out every 5 or so and every month or so random whales can continue gifting subs to get him to 1k.
 
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hector85 said:
wouldn't chapter 13 be the better outcome? there is a chance he may be forced to sell his home to pay creditors with chapter 7 but with a chapter 13 he keeps everything, gets put on a payment plan and all he'd have to do is turn up the begging and set sub goals to like 1k. instead of vest reminders every 15 minutes he'd just throw it out every 5 or so and every month or so random whales can continue gifting subs to get him to 1k.
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Phil already has multiple payment plans he can't afford. A dozen maxed out credit cards, the Connecticut mortgage, taxes, etc. If he isn't able to make payments now, how is he going to be able to make payments in the future?
 
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I've replaced DSP answers by audio from his daily livestreams, it gets quite serious at some point, I think it was worth it.
www.youtube.com

Alternative version of DSP 341 meeting (answers from his livestream)

I've replaced DSP answers by audio from his daily livestreams. Go here for the real recording: https://www.youtube.com/watch?v=mlLD1psuycM Big ups to pigpigg...
www.youtube.com www.youtube.com
 
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WutangLee said:
Cause he got to deflect the legitimate complaints. I'm not sure if he understands he hasn't actually met the judge yet.
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if a trustee said to me "normally i dont ask for this but i want to see your last 6 months from both your accounts" and also "i'm moving you to the end because i have a number of questions", i'd be pissing my pants. how can someone so low IQ make so much money?
 
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hector85 said:
wouldn't chapter 13 be the better outcome? there is a chance he may be forced to sell his home to pay creditors with chapter 7 but with a chapter 13 he keeps everything, gets put on a payment plan and all he'd have to do is turn up the begging and set sub goals to like 1k. instead of vest reminders every 15 minutes he'd just throw it out every 5 or so and every month or so random whales can continue gifting subs to get him to 1k.
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Absolutely. Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors. He would literally have to cease streaming with everything he has, or whatever he threw into being a "business expense". In Chapter 13 he just has to pay smaller installments, Sam Hyde talked about this, how he owes around 50K, but doesn't care because he's only paying roughly 13 dollars a month because he keeps creating sob stories.
 
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WutangLee said:
Absolutely. Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors. He would literally have to cease streaming with everything he has, or whatever he threw into being a "business expense".
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As long as he can continue operating the business with the limited assets exempted from Chapter 7, he doesn't have to close the business. Phil is banking on Chapter 7 because he doesn't want to pay back anything. And all he needs is a PS4, a PC, and a HDMI capture device to keep streaming. They'll let him keep this minimum amount of equipment because its valued less than the exemptions.

Chapter 13 is far, far, worse, second only to complete dismissal. Phil will be required to provide monthly/quarterly financial statements to the trustee. Any extra tips, subs, or cheers, will be allocated to his monthly payment. It would be an enormous effort for him and he'd have no reason to do any begathons because that extra money only goes towards paying his debt. And he'd have no play money for gacha.

Edit:
Based on the court update, looks like his no-asset case just became an asset case. Uh oh!
 
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QwahlityKahntent said:
if a trustee said to me "normally i dont ask for this but i want to see your last 6 months from both your accounts" and also "i'm moving you to the end because i have a number of questions", i'd be pissing my pants. how can someone so low IQ make so much money?
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Find people dumber than you with money to blow and give them sob stories
 
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Schrödinger's Kat said:
As long as he can continue operating the business with the limited assets exempted from Chapter 7, he doesn't have to close the business. Phil is banking on Chapter 7 because he doesn't want to pay back anything. And all he needs is a PS4, a PC, and a HDMI capture device to keep streaming. They'll let him keep this minimum amount of equipment because its valued less than the exemptions.

Chapter 13 is far, far, worse, second only to complete dismissal. Phil will be required to provide monthly/quarterly financial statements to the trustee. Any extra tips, subs, or cheers, will be allocated to his monthly payment. It would be an enormous effort for him and he'd have no reason to do any begathons because that extra money only goes towards paying his debt. And he'd have no play money for gacha.

Edit:
Based on the court update, looks like his no-asset case just became an asset case. Uh oh!
Click to expand...

Then what would fall under his exemption for his "business", his home life bleeds into his "business", they're virtually the same thing. Is he going to liquidate his worthless trademarks? the KingofHateVlogs youtube channel? His Twitch Channel?
 
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