[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

[DNA_JACKED]

I think a big part of why he finally felt safe to do the bankruptcy at all is because he has Kat so even if his credit score is screwed in the future he thinks he can just start getting credit cards in her name and do the exact same thing all over again.

He'll still be in debt. Washington is a community property state, so all the debt incurred after their marriage is shared debt. Even with a successful bankruptcy he'll still have tens of thousands in debt to manage. Kat doesnt make enough to get any halfway decent cards, only low limit high interest rate cards, and Phil will only drag her lower if they apply jointly.

He can kiss $40K limits goodbye. He will not be able to get to this level of debt until the bankruptcy is concluded, and that will likely take years with a chapter 13, unless he fails, at which point he'll be pursued into the ground and likely lose most everything he owns.

Now, AFTER the bankruptcy? He wont need kat to do that, there are banks that will throw credit at him, with super high interest rates, because it cant be cleared for a set period of time and the banks will make bank on interest before then.

 

[RockHawk]

I could see Dark making her an employee of Burnell productions and paying her some huge fake salary to get her credit lines increased, he is quite the scammer it turns out lol.

bankruptcy court would have a fucking field day if you tried to increase your business expenses by employing your spouse and granting her an exorbitant salary

 

[James Smith]

bankruptcy court would have a fucking field day if you tried to increase your business expenses by employing your spouse and granting her an exorbitant salary

They wouldn't care because your household income would still include the money. This has been explained over and over again with regard to taxes but people don't read or think.

 

[gin_nose]

That's not how it works. Chapter 13 doesnt prevent you from spending. What it does is this:

Say DSP brings in $10000 a month. The courts say he only needs, say, $1500 a month to cover living expenses. They will then say "okay DSP, you owe us $8500 a month". He MUST pay this, no matter what. IF he only makes $9000 one month, tough shit, he only gets $500 to cover all his other expenses. He misses one payment they throw his ass to the creditors. If he makes MORE then $10000 one month, the court will demand a higher payment so he only brings home $1500 a month.

Chapter 13s are BRUTAL. They do not give a fuck about you, and for someone with a highly variable income like DSP, they are an almost guaranteed failure. DSP wouldnt be forced to make responsible choices with his $10K, DSP would be forced to choose between eating and playing his vidya, and hed be forced to continue to beg for donations and income yet wouldnt see a dime of it, because if he stops he wont make payments. He'd be absolutely miserable.

YES, this so much this! I love it! I love it because Dark's job is based on begging and if he is begging to pay creditors beyond being hilarious (and turning off some paypigs i am sure if they know 100% their money is not going to dark) but its even better because he will lose ALL MOTIVATION to beg and/or be completely miserable doing it and it will show through.

They wouldn't care because your household income would still include the money. This has been explained over and over again with regard to taxes but people don't read or think.

I'm not sure if you are refering to what I said but i specifically was talking about inflating her income so she can qualify for credit line increases only and it was mostly a joke, its a lot easier to just lie about your income to the credit card companies because they rarely check.

 

[Pandalee’s Tits]

Phil’s viewers are fucking suckers who will absolutely cover his monthly Ch13 bill. What streamer have you guys been watching?

 

[Mr.PiggyOinkOinkOink]

Phil’s viewers are fucking suckers who will absolutely cover his monthly Ch13 bill. What streamer have you guys been watching?

It really all depends on how brutal his chapter 13 payment is and how hard he begs. His whales are fickle creatures, all it would take is one month of the big ones not showing up when he really really needs them the most to fuck it all up

add on his most likely mobile game addiction and his clear overall inability to live within his means and it’s a recipe for disaster to say the least

 

[Tumbo]

It really all depends on how brutal his chapter 13 payment is and how hard he begs. His whales are fickle creatures, all it would take is one month of the big ones not showing up when he really really needs them the most to fuck it all up

add on his most likely mobile game addiction and his clear overall inability to live within his means and it’s a recipe for disaster to say the least

If it really does get converted we could be in for the long haul Ch 13s on average take 3/5 years to complete.

 

[King Daddy Telomerase]

Phil’s viewers are fucking suckers who will absolutely cover his monthly Ch13 bill. What streamer have you guys been watching?

If Phil gets more, he'll have to pay more. At least up until his debt is fully paid off over 5 years, which isn't going to happen.

This is why I'm rooting for Chapter 13. Phil will be nothing but miserable.

 

[_XXIII_]

That's not how it works. Chapter 13 doesnt prevent you from spending. What it does is this:

Say DSP brings in $10000 a month. The courts say he only needs, say, $1500 a month to cover living expenses. They will then say "okay DSP, you owe us $8500 a month". He MUST pay this, no matter what. IF he only makes $9000 one month, tough shit, he only gets $500 to cover all his other expenses. He misses one payment they throw his ass to the creditors. If he makes MORE then $10000 one month, the court will demand a higher payment so he only brings home $1500 a month.

Chapter 13s are BRUTAL. They do not give a fuck about you, and for someone with a highly variable income like DSP, they are an almost guaranteed failure. DSP wouldnt be forced to make responsible choices with his $10K, DSP would be forced to choose between eating and playing his vidya, and hed be forced to continue to beg for donations and income yet wouldnt see a dime of it, because if he stops he wont make payments. He'd be absolutely miserable.

Thanks for clarifying - didn't realise there was a base amount they order you to pay and any fluctuations to your income are tough shit. Not from the US so haven't a clue about how these things work.

I figured that he would suddenly start funnelling his Gacha money into his debts and feel like he had some breathing room.

Delighted to hear that he will fucking hate it.

 

[Tumbo]

Thanks for clarifying - didn't realise there was a base amount they order you to pay and any fluctuations to your income are tough shit. Not from the US so haven't a clue about how these things work.

I figured that he would suddenly start funnelling his Gacha money into his debts and feel like he had some breathing room.

Delighted to hear that he will fucking hate it.

Knowing this I'm honestly now hoping for a Chapter 13 conversion

 

[JohnnyBoi]

That's not how it works. Chapter 13 doesnt prevent you from spending. What it does is this:

Say DSP brings in $10000 a month. The courts say he only needs, say, $1500 a month to cover living expenses. They will then say "okay DSP, you owe us $8500 a month". He MUST pay this, no matter what. IF he only makes $9000 one month, tough shit, he only gets $500 to cover all his other expenses. He misses one payment they throw his ass to the creditors. If he makes MORE then $10000 one month, the court will demand a higher payment so he only brings home $1500 a month.

Chapter 13s are BRUTAL. They do not give a fuck about you, and for someone with a highly variable income like DSP, they are an almost guaranteed failure. DSP wouldnt be forced to make responsible choices with his $10K, DSP would be forced to choose between eating and playing his vidya, and hed be forced to continue to beg for donations and income yet wouldnt see a dime of it, because if he stops he wont make payments. He'd be absolutely miserable.

How do they find out about income when majority of his income goes through paypal ?

 

[DiabeticSP]

How do they find out about income when majority of his income goes through paypal ?

You'd have to present income for the month.

Basically every month you'd give them all your accounts and they'd hand back your allowance.

 

[JamFlowMan]

Phil’s viewers are fucking suckers who will absolutely cover his monthly Ch13 bill. What streamer have you guys been watching?

They already pay him enough to cover his current bills and yet he's filing for bankruptcy. Phil is and always will be the point of failure.

 

[AnOminous]

Thanks for clarifying - didn't realise there was a base amount they order you to pay and any fluctuations to your income are tough shit. Not from the US so haven't a clue about how these things work.

Federal courts don't have the ability to respond to changing situations with agility. They are for that reason very hostile to ordering behavior that they can't very easily monitor. So "pay whatever is reasonable for however long it is reasonable to do that" is not something they want to order and then have lengthy evidentiary hearings every couple months to determine.

"Pay $8,500 a month or get fucked" is more in their wheelhouse.

 

[Beetus Knuckles]

Like I’ve said before, a Chapter 13 plan is strict, but it’s not bread and water torture. You are allowed to budget for things like entertainment and can eat out on occasion. A honest but unfortunate debtor often comes out of bankruptcy with better money skills and can buy a home or save for retirement. Now for someone like Phil, on the other hand, it will be pure hell. No more walking around Costco, the mall, or IKEA just looking for shit to buy. No more three adult meals out at restaurants on days off. The trustee has to approve any new debt. And if his income falls, it’s easy to default before you can get to court to amend your plan. If he gets converted, he’s screwed, no two ways about it.

 

[c-beams]

If Phil gets hit with a Chapter 13, I wouldn't be surprised if he creates a fourth PayPal account. A lot of people aren't aware that PayPal isn't actually a bank:

Although PayPal is not classified as a bank, the company is subject to some of the rules and regulations governing the financial industry including Regulation E consumer protections and the USA PATRIOT Act.[136] [...]However, because PayPal is a payment intermediary and not otherwise regulated directly, TILA/Z and EFTA/E do not operate exactly as written once the credit/debit card transaction occurs via PayPal. Basically, unless a PayPal transaction is funded with a credit card, the consumer has no recourse in the event of fraud by the seller.[137]

Unless the USG has some kind of monitoring in place, Phil can create the fourth account and give that out to paypigs (like the other thread speculates) and it'd be entirely untracked, so long as said paypigs "gift" the money. Someone correct me if I am wrong.

 

[Mr. Brown]

If Phil gets hit with a Chapter 13, I wouldn't be surprised if he creates a fourth PayPal account. A lot of people aren't aware that PayPal isn't actually a bank:



Unless the USG has some kind of monitoring in place, Phil can create the fourth account and give that out to paypigs (like the other thread speculates) and it'd be entirely untracked, so long as said paypigs "gift" the money. Someone correct me if I am wrong.

He would only be screwing himself, if he misses a payment he is fucked.

And this is totally ignoring the fraud aspect of this. He would be breaking the LAWW EVERY SINGLE DAY!

 

[DNA_JACKED]

If Phil gets hit with a Chapter 13, I wouldn't be surprised if he creates a fourth PayPal account. A lot of people aren't aware that PayPal isn't actually a bank:



Unless the USG has some kind of monitoring in place, Phil can create the fourth account and give that out to paypigs (like the other thread speculates) and it'd be entirely untracked, so long as said paypigs "gift" the money. Someone correct me if I am wrong.

See, this would backfire in his face, because in the case of a chapter 13, he is given a monthly value that he MUST pay, and if he makes extra he has to pay extra. Hiding his income in a different paypal doesnt change what he owes.

If he comes to them with a significantly reduced income and misses a payment that severely, they will toss his ass to the creditors and dismiss his bankruptcy with prejudice. Chapter 13 is an absolute nightmare for people with highly variable incomes, and phil's spending habits and attitude make it a worst case scenario. Also, keep in mind, her will STILL have to make tax payments while also making chapter 13 payments AND facilitate any CC debt he or his wife have racked up from october to now. If he gets chapter 13, he will have no choice but to continue the begathons for another 5 years and keep the income up high enough to pay all his debts, and any extra work he puts in he will not see a penny of, so his baseline is now this level of extraordinary "effort" he does now. Any reduction below this baseline is food out of his mouth. This is phil, so he will choose the absolutely laziest path of not doing shit, miss his first payment, and get his bankruptcy dismissed. "BUGGED PAYMENT MECHANICS, NOTHING I COULD DO DOOD, THE LAWYER/TRUSTEE/COURT FUCKED ME"

All of this because he is so damned determined to keep the Wahkhando no matter what. It's going to destroy him.

 

[c-beams]

He would only be screwing himself, if he misses a payment he is fucked.

And this is totally ignoring the fraud aspect of this. He would be breaking the LAWW EVERY SINGLE DAY!

I genuinely don't think Phil would see it as breaking the law. Consequently, I don't think that would stop him from making another paypal account.

[..] and if he makes extra he has to pay extra.

This is the problem with that argument. The PayPal stuff is all dark money. It's not reported to any agencies if you're just receiving "gifts". The people holding him responsible will not have any idea about the theoretical fourth paypal account unless they know where to dig. On top of that, they'd have to do that after the investigation and determination on what chapter has been made.

I'm not disputing he'll still have to make his payments or anything else you're saying. But making a fourth account and giving that to paypigs seems like a minimal effort thing to do, however fraudulent it may be...

TBH though I agree with your post generally: he'll fuck up, it'll get dismissed and Phil will get thrown to the wolves.

 

[DNA_JACKED]

I genuinely don't think Phil would see it as breaking the law. Consequently, I don't think that would stop him from making another paypal account.



This is the problem with that argument. The PayPal stuff is all dark money. It's not reported to any agencies if you're just receiving "gifts". The people holding him responsible will not have any idea about the theoretical fourth paypal account unless they know where to dig. On top of that, they'd have to do that after the investigation and determination on what chapter has been made.

I'm not disputing he'll still have to make his payments or anything else you're saying. But making a fourth account and giving that to paypigs seems like a minimal effort thing to do, however fraudulent it may be...

TBH though I agree with your post generally: he'll fuck up, it'll get dismissed and Phil will get thrown to the wolves.

Unless he decides to commit tax fraud, he'll still report them on his years taxes and get caught red handed. And the courts will likely be requesting statements from streamlabs/twitter/youtube to verify his income, not what his paypals show. If he was employed, they would be asking for his paystubs, not just his bank statements. If his checking account isnt reflective of his 1099s from twitch/streamlab/youtube, they'll know something is up.

And hiding the money doesnt help him. HE ALREADY DECLARED HIS INCOME TO THE COURTS. They have his tax filings. Hiding it in a paypal now only BTFOs him. If he was going to do this, he needed to be hiding this tip income for the last 4-5 years before filing bankruptcy. The 6 month paypal statements nancy requested are going to fuck him over, they will show his true income and the chapter 13 will be based on those amounts, not what the pig says.

The Pigroach wont be able to wiggle out of this one, the courts have dealt with far smarter people trying to screw the system. This assumes chapter 13, the most logical thing for the courts is to pursue this as a chapter 7 asset case and take his shit. He would have to petition for a Ch13, and the courts will likely deny it based on his highly variable income.