[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

[UncleTusky]

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

No, despite the WuFlu Nancy and the creditors still have to file an objection within 30 days (so this Saturday/maybe next Monday) if they want to argue some or all of the assets he declared as exempt from seizure (Schedule "C" in his filing) should be fair game. See the next paragraph but this will either be extremely boring or the juiciest update yet depending on whether undeclared assets are part of this report/objection.

Legal experts on here-it's pretty obvious that the exemptions claimed on the application are much less than the actual value of Phil's shit, meaning there's some large amount that should be sold to pay off creditors. Would that be considered "fraudulently asserting the claim of exemption" (which is the purpose of this hearing) or would appraisal of everything he hid and deciding how much of it gets sold happen further down the line?

 

[Schrödinger's Kat]

Would that be considered "fraudulently asserting the claim of exemption" (which is the purpose of this hearing) or would appraisal of everything he hid and deciding how much of it gets sold happen further down the line?

The WAKahndo would qualify as fraudulently asserting exemption, because he deliberately under-valued it on his exemptions sheet to keep him inside the exemption limit and keep his home as a no-asset case.

If he under-valued stuff like his "business assets", and they are found to be worth more than his claim, he will only get to keep his claimed exemption amount, even if he legally could have kept more. This was a big mistake on his part. He should have basically claimed the maximum allowable exemption on every category he had any stuff in. Instead, Phil reported it as under-valued, so if Nancy decides to sell it, he'll only get to keep what he claimed it was worth, instead of the full allowed exemption. At least, that is how I understand it.

Under-valuing your stuff seems like a really bad idea in bankruptcy. It would be better to over value it, and when Nancy goes to sell it and finds its worth a lot less than you claim, she'll probably just let you keep it.

 

[Crisis Acting Instructor]

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.

This is correct, I deal with appraisals at work and the vast majority right now are exterior only. The fact that the HOA is responsible for exterior upkeep (I think) is not good for Phil, as the outside of the house is surely in better condition than the interior. The appraisers will look at comparable "substitute" properties (square footage, year built etc) and recent sales of those properties/sales in Phil's area, and use that to determine where they think the baseline should be. I'm sure if it gets to the point where the condo is up for liquidation they will do an actual walkthrough to hammer out the details, but they will have an idea of what value they're shooting for before that.

 

[James Smith]

The appraisers will look at comparable "substitute" properties (square footage, year built etc) and recent sales of those properties/sales in Phil's area

Reminder that one that sold for $555K less than a year ago and several have sold for in excess of $385K since, yet DSP is claiming it's worth $379K based on a four year old Zillow estimate.

 

[LiquidCancer]

Since the Switch is actually a personal asset and not part of the business he should have to give it up since its a personal bankruptcy

 

[N0thingICanDo]

Since the Switch is actually a personal asset and not part of the business he should have to give it up since its a personal bankruptcy

He can say that he sold it to Khet for $1 so it is no longer in his possession

 

[Yaniv’s Hairy Balls]

He can say that he sold it to Khet for $1 so it is no longer in his possession

Even though they’re married? Bc most states look at it as “what’s his is hers, what hers is his, and we’re gonna take it all” lol.

 

[lavrentiyberia]

Reminder that one that sold for $555K less than a year ago and several have sold for in excess of $385K since, yet DSP is claiming it's worth $379K based on a four year old Zillow estimate.

What about the fact that the trustee or anyone else can go on Zillow and see that $379K was not the current number when he was filling out the schedules? Isn't that clear-cut fraud, since he cited Zillow and everything?

 

[Sir Wesley Tailpipe]

He can say that he sold it to Khet for $1 so it is no longer in his possession

If it was done after he filed, he’d lose the Switch, since it’s a marital asset he brought into the household, and he’d lose the dollar!

 

[David Davidson]

What about the fact that the trustee or anyone else can go on Zillow and see that $379K was not the current number when he was filling out the schedules? Isn't that clear-cut fraud, since he cited Zillow and everything?

Probably not fraud because people can be stupid and quote something from another year without malicious intent. Nancy would just get an updated appraisal and then laugh when she rakes in the fat stacks from selling the WAKondo.

Nothing is fraud until the final verdict and he is proven to have hidden assets from before the bankruptcy.

 

[Tumbo]

Does anyone think Dave would be exceptional enough to get one of those Credit Cards certain banks try to push on those who have just gone through Bankruptcy? Assuming his bankruptcy is granted to being with however unlikely that may be.

 

[UncleTusky]

Does anyone think Dave would be exceptional enough to get one of those Credit Cards certain banks try to push on those who have just gone through Bankruptcy? Assuming his bankruptcy is granted to being with however unlikely that may be.

I'm pretty sure he's never admitted fault or remorse over racking up $130,000 in credit card debt (not counting "woe is me" and "I deserve a good life") and I know he insisted after acknowledging the bankruptcy filing that paying more than the minimum on a credit card is never the right move.

So yes, if the bankruptcy is resolved in his favor he will definitely apply for one of those predatory cards. The better questions might be, "just how many cards will he end up getting" and "how long before he racks up another $130,000 in debt"?

I haven't seen you in the WWE Champions thread so if you're wondering how he could rack up that much debt again when he's getting by without cards, the answer is that he is a gambling addict. Any pitybux or lines of credit he gets will eventually end up maxed out to fuel his gacha habit.

 

[King Daddy Telomerase]

Does anyone think Dave would be exceptional enough to get one of those Credit Cards certain banks try to push on those who have just gone through Bankruptcy? Assuming his bankruptcy is granted to being with however unlikely that may be.

I'd say it's a near guarantee Phil will do that and will gloat about what a smart business move it was saving himself money.

 

[Pepper Jack]

I'd say it's a near guarantee Phil will do that and will gloat about what a smart business move it was saving himself money.

DSP has learned nothing from bankruptcy thus far. If he keeps the WAKahndo, the bankruptcy was a means to an end, and he will be in debt again as soon as he gets credit card offers.

 

[Near]

I'd say it's a near guarantee Phil will do that and will gloat about what a smart business move it was saving himself money.

If he gets completely away with this, then that's it. He could go rob a bank, and if the cops come knocking, he could say the money is part of the business and that he owns it.

 

[Wurstbrot]

If he gets completely away with this, then that's it. He could go rob a bank, and if the cops come knocking, he could say the money is part of the business and that he owns it.

Huuuuuhn? Why're you knocking my door? I'm innocent! If I'm guilty then why wasn't I jailed instantly when this incident appeared? But I'm naht! You're 10 minutes too late! ACK ack and insecure chuckle. Nobody cares anymore, just unnecessary negative drama to look important to your mouth drooling friends.

 

[AnOminous]

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.

They ARE auditing him. That's the last docket entry.

The trustee of this estate reports that the meeting of creditors was concluded and the trustee is investigating the existence and location of property of the estate not subject to exemptions or security interests. Debtor appeared. (James, Nancy)

The "pigroach luck" best case is somehow Nancy rolls a critical miss and because she is only seeking "property of the estate," she finds out Phil literally actually doesn't have any valuable assets, or just enough tard toys to sell for a couple hundred bucks, completely gives up, and then just gives him a discharge.

Or another option is the WAkondo decreases in value thanks to a real estate market collapse to the point its fair market value diminishes to below the exemption. That could actually happen. Any eventuality where he keeps the WAkondo would be a pigroach luck event.

 

[DiabeticSP]

They ARE auditing him. That's the last docket entry.

Nancy looking for assets and an 'audit' are two totally different things.

Sure its likely to fuck Phil as is but a true IRS audit would stroke the poor bastard out.

And then they'd slap him with a massive penalty bill or lien on the condo.

This isnt an audit just Nancy researching his assets/valuation.

 

[Arrakis Sandworm]

Nancy looking for assets and an 'audit' are two totally different things.

Sure its likely to fuck Phil as is but a true IRS audit would stroke the poor bastard out.

And then they'd slap him with a massive penalty bill or lien on the condo.

This isnt an audit just Nancy researching his assets/valuation.

You are right that an audit of his assets and an IRS audit are two different things, but they are both, indeed, "audits."

 

[Royalty Free Fish Food]

This isnt an audit just Nancy researching his assets/valuation.

I guarantee that Nancy has received multiple itemized lists of all his propery in her inbox since day one. She didn't use ESP to get a list of all his consoles.