[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

[actually]

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.

You can't discharge that debt in bankruptcy, so he'd still owe that money.

I paid my income taxes with my credit card. Can I discharge the credit card debt in bankruptcy?

If you use your credit card to pay nondischargeable tax debt, those charged on your credit card won't be wiped out in bankruptcy.

www.nolo.com

 

[Arrakis Sandworm]

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.

My understanding is that those payments will be set aside and he will be responsible to pay any tax payments mixed in with the credit card debt to be discharged. Depending, and , he might only discharge a small percentage of his CC debt.

EDIT: Ninja'd and with better info.

 

[millais]

If they don't look at the interior for the appraisal, maybe they will miss the water damage and the broken toilet and the broken air vents and all the wear and tear since 2014, and give it a higher appraisal estimate than if they had gone in.

 

[Tumbo]

If they don't look at the interior for the appraisal, maybe they will miss the water damage and the broken toilet and the broken air vents and all the wear and tear since 2014, and give it a higher appraisal estimate than if they had gone in.

My Guess would be that they would eventually send someone inside post Rona to get a more accurate estimate of his assets doing so I'm sure they would notice those things as well.

 

[Phalanx]

This really is a garbage fire, he has so many debts that are non dis chargeable. His credit cards which he used for tax payments at multiple points. The Midfirst and CitiBank judgements. I am quite sure Midfirst will win too. He is probably going to end up declaring bankruptcy still having the debt and having to sell his house and then using all that spare money to pay the rest. It was the worst outcome for him and now after that he will have zero credit, Having to pay his taxes and dealing with chargeback saga incoming too. Whew boy

 

[Nigel of Ukip]

Looking at the bigger picture, I have a question.

If Nancy finds out Phil isn't reporting tips as income, or is hiding income, could the IRS go after him aswell?
Since in that case I'm guessing he was filing his taxes wrong too.

Also, how long can this go on for? Is there a time frame for when we can expect an update?

 

[James Smith]

 

[Colloid]

Abuse is defined as sufficient income to pay more than 25%, or $6,000, of your unsecured debt over the next 36 months.

Ruh roh. If I were Phil I’d shit a brick over this sentence alone.

 

[DiabeticSP]

Ruh roh. If I were Phil I’d shit a brick over this sentence alone.

How the actual fuck would Phil not qualify then besides massively lying about his numbers.

I still assume he'll get away with it but damn.

 

[LiquidCancer]

Is the 60 days based on the 341 he didnt show up for or the one he did? Should we have a countdown to that date or do you think they will play a bit loose with the rules because of coronus virus?

 

[James Smith]

Is the 60 days based on the 341 he didnt show up for or the one he did?

It'll be the conclusion of the meeting he actually showed up for.

 

[King Daddy Telomerase]

If there's more claims by creditors during this 30 day period, we may not know about them. PACER didn't post the Citibank three. It's hard to find examples of claims in other filings, reminder of how special and fucked Phil is.

 

[James Smith]

PACER didn't post the Citibank three.

PACER shows it on a different page. Only the WA DOR and Citi are on there at this time.

 

[PutridElephant]

If they don't dismiss for abuse then there is no god.

Phil has been pulling in more than $200+/day which is $1200/wk or $4800/mo. In two months, he'll have $9600 which gives him the $6000 to pay the creditors and $1800/mo for expenses.

<edit> Forgot about the extra Twitch cheer, YT and Patreon money. He's got more than enough every month to pay $3000 to creditors.

 

[Iron Hamster]

He's always had more than enough to pay them.

 

[Regginmcaids]

If they don't dismiss for abuse then there is no god.

If this doesn't get dismissed no god yeah but based on what he said during the 341 meeting ill be shocked if they don't audit him.

 

[The Littlest Shitlord]

If they don't dismiss for abuse it's because the trustee is corruptly more interested in getting her hands on a fat cut of PigRoach financial pork than she is in faithfully executing her legal duties. He's still going to suffer no matter what happens, though; his only hope was that an overworked system didn't pay any attention to him in particular and just let him slide through the cracks. After a 40 minute grilling in what was supposed to be a routine 5 minute hearing, that hope's completely dead even if Phil is too stupid to realize it. Phil's only hope now is that Trump and Congress pass some sort of one-time extraordinary relief to bankruptcy filers due to COVID-19; I'm not aware of any such thing even being discussed but I admit to not paying a huge amount of attention to politics. Basically we just need to be patient and see just what of fucked Phil is.

 

[UncleTusky]

Phil's only hope now is that Trump and Congress pass some sort of one-time extraordinary relief to bankruptcy filers due to COVID-19; I'm not aware of any such thing even being discussed but I admit to not paying a huge amount of attention to politics

They have not touched bankruptcy laws, and the measures Trump + Congress have taken (0 interest loans, $1,200 Trumpbux) are meant to prevent a bankruptcy in the first place rather than mitigate it. The only benefit to Pig is that Nancy may have to do her investigation with reduced staff or from home depending on the policies the judge has put in place. I do not believe she or the judge can change the 10/30/60 day cutoffs despite the COVID-19 emergency because they are federal laws and not just court issued policies.

 

[Tumbo]

They have not touched bankruptcy laws, and the measures Trump + Congress have taken (0 interest loans, $1,200 Trumpbux) are pretty clearly meant to prevent a bankruptcy in the first place rather than mitigate it. The only benefit to Pig is that Nancy may have to do her investigation with reduced staff or from home depending on the policies the judge has put in place. I do not believe she or the judge can change the 10/30/60 day cutoffs despite the COVID-19 emergency because they are federal laws and not just court issued policies.

So do the Cutoff dates for filing a report change based on the situation or am I misunderstanding something?

 

[An Avenging Bird]

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.

External evaluation can only increase the value of Phil's appraisal as the moment the pools of jizz stains are noticed in his office, it will seem more realistic that he offered up an accurate low ball appraisal number.