[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

[Phalanx]

I can legit see him losing his temper thats the thing. God I would pay him at least a dollar to call Nancy a bitch but don't worry I will do that in pre-stream.

"Hello there guys. I just came back from court and it (heavy sigh) its not good. There was this old bitch, who accused me of some really despicable shit. I just listened and listened until enough was enough! I am not going to be talked to like shit, like a criminal. So I pointed at her and said I DID NOTHING YOU STUPID BITCH!!!"

She recoiled and looked at me and was so surprised, so shocked that she said "Mr Burnell, I can see in this that you were treated unfairly by Youtube, Machinima and this African American man, uhhh you called Tevin Campbell. So I am going to throw out the case.

"That when I smirked at her and thought, yeah you take that you bitch and I folded my arms, uuuhhh you know like in the Project 7 opening because uuhhh you know this is Chapter 7. I then spent some time after with my wife... uuhhh Cat and Jasper."

"In the stream you might hear some banging because we are celebrating by having the decorators in and they might come in dressed in suits but that because I paid them to look like that because my wife, uuuhhh Cat wants them to look official. We are spicing it up today by playing some WWE Champions, which I just installed."

 

[James Smith]

I gave the clerk a call asked whether or not Nancy had filed her initial report and she said the case has in fact been turned into an asset case and what's listed in the text-only entry on PACER (that the trustee is investigating the existence of other assets). I infer we will get another docket entry when Nancy files a report containing the results of her investigation. It may not be available for download online, I haven't seen an example asset Chapter 7 case to know one way or the other.

 

[actually]

I gave the clerk a call asked whether or not Nancy had filed her initial report and she said the case has in fact been turned into an asset case and what's listed in the text-only entry on PACER (that the trustee is investigating the existence of other assets). I infer we will get another docket entry when Nancy files a report containing the results of her investigation. It may not be available for download online, I haven't seen an example asset Chapter 7 case to know one way or the other.

What's the likely timeframe for the report now?

 

[AnOminous]

This would mean he's going on like 6+ months of paying nothing to his unsecured creditors and he is still begging for money with the narrative that he can't pay his basic bills. I'll reiterate, he hasn't been paying his unsecured creditors and still can't afford his routine bills somehow!

That would mean he's been collecting money from his paypigs to pay his "bills" and then not paying them, instead dumping them into his nude dude hobby. It would also mean he's been lying about the $5,000 in expenses in yet another way, as if he hadn't packed enough lies into that $5,000 already.

If he keeps up this kind of willful shit, he's looking at yet another form of wrestling nostalgia because he'll get to enjoy Hell in a Cell.

What's the likely timeframe for the report now?

Hasn't Yacht Dude been converted too? That might be a case worth looking at.

Also I think Nancy James is going to be surprised to find out Phil has practically no assets but is instead squandering most of his income in the most pathetic and autistic way and will have to react to that somehow.

Considering he's committed absolutely willful and utter fraud at every stage in the proceedings a hammer probably comes down at that point. They could just outright say fuck you and dismiss with prejudice. He's gone from the usual filing complete bullshit that many bankrupts do to squandering the estate right under the nose of the trustee.

 

[James Smith]

Unrelated case:

Just gives you an idea of how little the estate can have and a Trustee still seize the debtor's shit. Nearly $100K of debt and only $10K of shit to sell, Trustee still did it even though creditors got exactly nothing. Nancy made those dolla dolla bills tho. She sold a van worth $15K to get $9K of it. He could very well be looking at losing his condo even if he's only a few thou over the limit.

 

[Army Burger]

That would mean he's been collecting money from his paypigs to pay his "bills" and then not paying them, instead dumping them into his nude dude hobby. It would also mean he's been lying about the $5,000 in expenses in yet another way, as if he hadn't packed enough lies into that $5,000 already.

If he keeps up this kind of willful shit, he's looking at yet another form of wrestling nostalgia because he'll get to enjoy Hell in a Cell.

There ain't gonna be no Money in the Bank where he's going

 

[AnOminous]

Unrelated case:
View attachment 1228202
Just gives you an idea of how little the estate can have and a Trustee still seize the debtor's shit. Nearly $100K of debt and only $10K of shit to sell, Trustee still did it even though creditors got exactly nothing. Nancy made those dolla dolla bills tho. She sold a van worth $15K to get $9K of it. He could very well be looking at losing his condo even if he's only a few thou over the limit.

If she had any inclination toward mercy which she probably doesn't because if she does she is in the wrong line of work, it would have went completely out the window with Phil's pigroach lies in the 341 meeting, which was his last chance to come clean. Now I'm pretty sure that if anything is so much as a dime over the limit that shit is getting sold.

Corona-chan may slow down this shit but it could all happen so fast that fucker's head will spin.

 

[James Smith]

Zillow estimates the condo at $421K, Redfin estimates it between $424K and $469K, and Realtor.com estimates it at $422K. Let's assume the sale price is $422K. Subtract

• the homestead exemption: $125K
• trustee commissions (something similar to 25% of the first $5K of non-exempt equity, 10% of the next $50K, and 5% of the remainder): $18,350
• realtor commissions (they claim 9% of the sale price): $37,980
• amount owed on the mortgage: $227,000 (and constantly declining)

and he's $13,670 over the limit.

There's just no way he's keeping that thing.

 

[Surly Muppet]

That would mean he's been collecting money from his paypigs to pay his "bills" and then not paying them, instead dumping them into his nude dude hobby. It would also mean he's been lying about the $5,000 in expenses in yet another way, as if he hadn't packed enough lies into that $5,000 already.

How closely do they scrutinize what he is currently doing with his money? It must be common that the debtor continues to earn money during this limbo period after filing. I'm assuming in most normal cases, the debtor would be accumulating the money in their bank account while limiting spending in good faith. Will it fall on Nancy to make note that Phil is currently freed from a number of payments and that his consistent income is still somehow disappearing? Or is she just concerned about past spending and that window of 6 months documented in the filings?

I say that with full confidence in the assumption that Phil is still emptying his bank account regularly - it's likely nearly $0 before he starts stream every day, be it dumped into Champions or something else.
As I write this, he is once again begging for tip money specifically 'to pay bills and buy groceries' because he needs that money right away; the Twitch payments benefit him in the long term. Like in 2 days when he gets his large monthly Twitch payment. I'm still in shock he is running with this narrative right now because it's just flatly not possible he can't currently afford these bills...

 

[AnOminous]

How closely do they scrutinize what he is currently doing with his money? It must be common that the debtor continues to earn money during this limbo period after filing. I'm assuming in most normal cases, the debtor would be accumulating the money in their bank account while limiting spending in good faith. Will it fall on Nancy to make note that Phil is currently freed from a number of payments and that his consistent income is still somehow disappearing? Or is she just concerned about past spending and that window of 6 months documented in the filings?

Usually someone filing Chapter 7 is quite clearly insolvent and they may be earning money but it is nowhere near enough for their debts.

You frankly just don't often see people with six figures income declaring bankruptcy and saying "lol it just disappears" when asked where the fuck their money is going.

 

[Martys_not_smarty]

Here's what I don't get as to why they wouldn't want to take the Wakahndo and that's what others things does he have that would be as easy to take control of and sell off other than that? A bunch of toys, blu-rays how long will those take to sell off and his consoles? The new Xbox and Playstation are slated to drop this year or next so what he has are old news and the market is saturated to hell with them so it's just easier to sell off the property in one fell swoop no bullshit.

 

[Comma]

I gave the clerk a call asked whether or not Nancy had filed her initial report and she said the case has in fact been turned into an asset case and what's listed in the text-only entry on PACER (that the trustee is investigating the existence of other assets). I infer we will get another docket entry when Nancy files a report containing the results of her investigation. It may not be available for download online, I haven't seen an example asset Chapter 7 case to know one way or the other.

(updated the OP)

 

[Sparkletor 2.0]

I noticed that in just the Citibank cards alone Phil has almost $40,000. That seems like a lot, but let's break it down some more. He got the first card in 2012. So over 8 years a rough average would be Phil putting $5,000 per year on credit.

Phil claims he spends that much in business expenses. His real expenses are something like maybe $40 for online memberships, $100-200 for internet and electricity, and maybe $120 in games. Less than $500 and way less than $5,000.

There is at least $4,000 a month, or more, that can't be accounted for. Per year that would easily hit $50,000 in money being spent that can't be explained. Easily enough to pay off two of his maxed out cards.

 

[Kermit the Frog]

Unrelated case:
View attachment 1228202
Just gives you an idea of how little the estate can have and a Trustee still seize the debtor's shit. Nearly $100K of debt and only $10K of shit to sell, Trustee still did it even though creditors got exactly nothing. Nancy made those dolla dolla bills tho. She sold a van worth $15K to get $9K of it. He could very well be looking at losing his condo even if he's only a few thou over the limit.

Based on this, Phil is getting all of his shit sold. This person basically had one asset worth any value and Nancy took it, didn't even matter that she essentially had to take a small pay cut to get it because something is better than nothing. Phil has a condo with lots of equity, a car that's only a few years old with basically no gas mileage (may have to change the oil), a bunch of electronics and all sorts of other goodies shoved into closets. Nancy probably laughed her ass off at this clown trying to say he has no assets, oh no piggy you have lots of assets. There's more than enough there for a nice payday for her and even a good chunk for the creditors. He is fucked.

 

[BrokeACKMountain]

Unrelated case:
View attachment 1228202
Just gives you an idea of how little the estate can have and a Trustee still seize the debtor's shit. Nearly $100K of debt and only $10K of shit to sell, Trustee still did it even though creditors got exactly nothing. Nancy made those dolla dolla bills tho. She sold a van worth $15K to get $9K of it. He could very well be looking at losing his condo even if he's only a few thou over the limit.

To put into perspective how absolutely fucking batshit Phil's claimed expenses are, Nancy claims it cost her $60 in expenses to complete something that likely took as much time as Phil takes to blast through the latest AAA title. If this appraisal took 10 days worth of work (I'd assume it took a bit more but 10 days is the timeframe I've heard used - apologies if I'm way off or if I'm being spazzy) that would mean Nancy would need to do almost 28 of these per week to come close to Phil's alleged business monthly expenses. I'd also wager that she actually has tangible business expenses.

 

[James Smith]

I think the next thing we'll see on the docket is her requesting the court's permission to hire a realtor to advise her on the condo's value.

 

[Martys_not_smarty]

I think the next thing we'll see on the docket is her requesting the court's permission to hire a realtor to advise her on the condo's value.

I'd guess that as well regardless, legally is she able to have a realtor go inside and assess any damages currently in there as well as just to get a estimate of square footage?

 

[detractorzer0]

I think the next thing we'll see on the docket is her requesting the court's permission to hire a realtor to advise her on the condo's value.

Watching this whole thing unfold is pretty intriguing. I don't know much of anything about bankruptcy and even less about having as much money or debt as Phil has. I can only imagine he is entirely oblivious to the dick rapidly approaching his ass for entry.

 

[But I Digress]

"Hello there guys. I just came back from court and it (heavy sigh) its not good. There was this old bitch, who accused me of some really despicable shit. I just listened and listened until enough was enough! I am not going to be talked to like shit, like a criminal. So I pointed at her and said I DID NOTHING YOU STUPID BITCH!!!"

Nancy is Phil's version of Mary Lee Walsh.

 

[NotreallyPutin]

He could very well be looking at losing his condo

>very well be

I really think he is. The more I learn about asset cases and how they work the more I think he's getting his house yeeted. The nature of his business means that he can stream anywhere as long as he has an internet connection.

It's not like his condo is a manufacturing plant and vital for business operations. He'll get his bankruptcy but he'll lose his house.