[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

[Army Burger]

Throw in the "Citibank" troll though and this was nothing like a 341 meeting, which I should emphasize is not a "hearing." There isn't a judge there. It isn't supposed to go on that long. Shit like that isn't supposed to happen.

In BurnellWorld, anything can happen, apparently.

 

[LiquidCancer]

I personally thought the worst thing he said in that meeting was when the Citibank troll asked when he figured out he was insolvent. Dark's first answer was "Mid 2019" and the lawyer said "No" and then he corrected himself and said "when we filed the bankruptcy in October then!" and she said "We filed in January Phil" and he said "oh yeah, Um uhh like uh before we met in October I mean."

So he knew he was insolvent June 2019, because he had already stopped paying the CT Condo for 2 months at least and still couldn't balance his budget. Which makes the CitiBank guy's question actually pretty meaningful even if he asked it poorly. Dark knew he was going to go bankrupt since May/June 2019 and waited over 6 months to actually formally do it because he wanted to doctor his financials for a few months and live guilt free on paypiggy and bank money

 

[EmperorGoutatine]

This is killing me, damn. Nancy really does need to hurry the fuck up!

 

[Freshtodeath]

I talked to my friend who is an appraiser. He said he is still conducting them but only the outside of homes. Not sure what that means for Phil's appraisal. I guess if Nancy sends a guy he can't go inside.

 

[hector85]

I talked to my friend who is an appraiser. He said he is still conducting them but only the outside of homes. Not sure what that means for Phil's appraisal. I guess if Nancy sends a guy he can't go inside.

to be fair, an external appraisal is actually quite common, they did one when I refinanced my place, I think they need to walk through it if you're planning to sell though.

 

[But I Digress]

I talked to my friend who is an appraiser. He said he is still conducting them but only the outside of homes. Not sure what that means for Phil's appraisal. I guess if Nancy sends a guy he can't go inside.

So it's quite possible an appraisal has already happened while Phil is inside dancing in Vest Land being none the wiser.

 

[Tumbo]

So it's quite possible an appraisal has already happened while Phil is inside dancing in Vest Land being none the wiser.

I'm not sure how an outside appresal means anything considering like 99% of his shit is inside the house. Maybe I'm wrong if so feel free to correct me.

 

[Shick]

I'm not sure how an outside appresal means anything considering like 99% of his shit is inside the house. Maybe I'm wrong if so feel free to correct me.

An appraisal for the value of the property, not his possessions. An external appraisal will get you a ballpark range, which can then be narrowed down by conducting a walk-through at a later date.

 

[Salubrious]

I'm convinced Dave is somekind of Lizard Person anyone else in his position would be sweating bullets. however as the old saying goes never attribute to malice what can be explained by stupidity.

I feel like at this point, DSP understands that it's not going to be a cakewalk, but he still doesn't grasp the entirety of the situation.

Like the IRS. He's completely nonchalant about the fact that he can't pay his 2019 taxes. He just shrugs his shoulders and goes "oh well, they'll add it to the payment plan." He legit doesn't understand the seriousness of owing the IRS five-figures and two years worth of money and he won't until the IRS starts actually coming at him harder.

It's like the dog in the house on fire meme. Everything will be fine for DSP until he actually catches on fire himself. The fact that Rome is burning all around him makes no difference to him. He can only think in the present, and he's not presently on fire, so he doesn't care that the fire is rapidly approaching him.

 

[tzgnilki]

I feel like at this point, DSP understands that it's not going to be a cakewalk, but he still doesn't grasp the entirety of the situation.

Like the IRS. He's completely nonchalant about the fact that he can't pay his 2019 taxes. He just shrugs his shoulders and goes "oh well, they'll add it to the payment plan." He legit doesn't understand the seriousness of owing the IRS five-figures and two years worth of money and he won't until the IRS starts actually coming at him harder.

It's like the dog in the house on fire meme. Everything will be fine for DSP until he actually catches on fire himself. The fact that Rome is burning all around him makes no difference to him. He can only think in the present, and he's not presently on fire, so he doesn't care that the fire is rapidly approaching him.

I don't think he realises the tax payment plans are a line of credit

to add his previous taxes to a new plan, he has to default on his payment plan

so best case scenario, his credit score gets tanked from bankruptcy, and he'll be tanking it further by defaulting on his irs payment plan each year, payment plans can be 3yrs+ but he's going to be adding each years taxes to it

interest will probably go up with each default, and idk if they'll let him continue to do that

 

[King DDT]

I don't think he realises the tax payment plans are a line of credit

to add his previous taxes to a new plan, he has to default on his payment plan

so best case scenario, his credit score gets tanked from bankruptcy, and he'll be tanking it further by defaulting on his irs payment plan each year, payment plans can be 3yrs+ but he's going to be adding each years taxes to it

interest will probably go up with each default, and idk if they'll let him continue to do that

I doubt they will let it continue for long. He's made it apparent that he has no real intention of paying them what he owes them. So he'll continue to try and weasel them out of the debt with a "I'll gladly pay you Tuesday for a hamburger Today" shtick. Except the hamburger is a new wrestler.

 

[harbinger]

He isn't. They'll kindly do it for him.

Only after Philip gives them his permission.

Offering to answer the CitiBank troll’s question “behind the scenes” during his 341.

Even though the “CitiBank Rep” was a faggot, I cannot believe Philip answered with this phrase. For one, there’s the obvious implications about not wanting to discuss something in front of Nancy. But two, this is language he uses with his exceptional paypigs on stream. Philip has been doing YouTube/Twitch for so long, he can’t get out of character so to speak.

 

[Tumbo]

I doubt they will let it continue for long. He's made it apparent that he has no real intention of paying them what he owes them. So he'll continue to try and weasel them out of the debt with a "I'll gladly pay you Tuesday for a hamburger Today" shtick. Except the hamburger is a new wrestler.

If he actually tries to defer paying his taxes year after year I'm assuming the Government can get fed up and do something more drastic if the need arises? In addition to the Bankruptcy.

 

[Colloid]

When the trustee asked why he had no personal electronics, his lawyer admitted she was the one who "lumped everything together". I suppose that is her fault for not wanting to do the extra work to separate his assets.

That's on Phil for not properly separating his finances properly in the first place. I can't really blame Rochelle for making mistakes like this, and not going the extra mile to sift through Phil's bullshit given the circumstances. I mean looking back at how dodgy and vague his answers were during the 341, I can only imagine how nightmarish it was to get through that initial filing. No receipts and no dedicated business accounts; all she had to go off of was Phil's shitty ballpark guesstimates and maybe a few bank statements. No doubt that Phil also kept mindlessly lying and embellishing over every detail like he always does to further complicate the process. I even took a glance at Rochelle's reception before she took in Phil, and I found mostly positive reviews with the majority of them complimenting that she does a good job explaining the bankruptcy filing process as you walk through it. (a couple of which that were even tied to active, real Facebook accounts so at least those aren't fake)

 

[King DDT]

If he actually tries to defer paying his taxes year after year I'm assuming the Government can get fed up and do something more drastic if the need arises? In addition to the Bankruptcy.

Yeah, IIRC, the government can just plunder your bank accounts if they get fed up with you not paying.
If I'm wrong, I'm sure someone will correct me.

I know the government will simply take your money if you're missing child support payments, so I doubt the IRS wouldn't be able to claim their pound of flesh.

 

[AnOminous]

He can only think in the present, and he's not presently on fire, so he doesn't care that the fire is rapidly approaching him.

That's future DSP's problem.

 

[JohnnyBoi]

Getting back to an appraiser, do they show up at random or give the person a date of when they will arrive to check the house ?

I know phil can be lazy but i can see him hiding shit if he got a tip off someone was coming.

 

[King of Not Playing Games]

Getting back to an appraiser, do they show up at random or give the person a date of when they will arrive to check the house ?

I know phil can be lazy but i can see him hiding shit if he got a tip off someone was coming.

I think they called to arrange an appraisal already, which is why he’s been so bitter the past few days.

 

[Schmeckel]

I talked to my friend who is an appraiser. He said he is still conducting them but only the outside of homes. Not sure what that means for Phil's appraisal. I guess if Nancy sends a guy he can't go inside.

I'm in the process of buying a home. Both the inspection and appraisal were done with a drone. It wouldn't surprise me at all that he gets bombed with a drone to check shit out and be gets hosed because of everything going on around it. All they have to say is "such and such home is with X dollars, so you have Y equity once it's sold..." and he gets fucked.

 

[GunnlaugurSassoon]

I have a question for people who are more familiar with the subject than I am, and apologies in advance because it's one that I'm sure has been touched on in the thread but I'm once again having trouble finding it. DSP has implied previously he's put a ton of tax payments on his cards. Assuming that's true, are there laws regarding putting unpaid taxes on credit cards and then declaring bankruptcy? It seems like it would be a loophole that no one involved in the bankruptcy process except DSP would be okay with.