[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'm really wondering how the CT condo thing plays out now, because it's not like he can both have the mortgage debt discharged AND have possession of the condo. That the CT condo was abandoned means he has possession and the foreclosure proceeds, but can they preemptively discharge a deficiency judgment?

 

[Gramh]

I'm waiting to see all of the debt that isn't getting discharged, that will be really interesting. Also holding out hope that Midfirst can put the screws to him at least enough to get him to sweat.

 

[AnOminous]

I'm waiting to see all of the debt that isn't getting discharged, that will be really interesting. Also holding out hope that Midfirst can put the screws to him at least enough to get him to sweat.

All they can do is foreclose on the CT condo which Phil has already surrendered, basically.

Phil wins. That's all that happened.

 

[DiabeticSP]

So is the $496k or whatever the REMAINING debt?

How much is she actually wiping off.

 

[Gramh]

So is the $496k or whatever the REMAINING debt?

How much is she actually wiping off.

She didn't list the exceptions and it was mentioned in the filing. She's approving of all $492K minus exceptions as stipulated in the discharge.

 

[DiabeticSP]

She didn't list the exceptions and it was mentioned in the filing. She's approving of all $492K minus exceptions as stipulated in the discharge.

So only the $130k in CCs minus whatever was put towards taxes (if he actually put taxes on a card)?

Thats what I figured but damn its insane how much debt he still has for a guy who's only earthly possessions are a midunit shithole condo and car.

 

[Gramh]

So only the $130k in CCs minus whatever was put towards taxes (if he actually put taxes on a card)?

Thats what I figured but damn its insane how much debt he still has for a guy who's only earthly possessions are a midunit shithole condo and car.

11 year legacy = 2 shithole condos, $2500 in big boy toys, a car, a midunit shithole wife(?), an adopted cat, 4-5 consoles with only digital copies of games, a bankruptcy and a pending foreclosure. I'm gonna try not to powerlevel but I've got more to show for a shitty customer service legacy than he does for Youtube/Twitch fame....

 

[harbinger]

Friendly reminder that Philip has only “won” by declaring bankruptcy. That is all.

 

[SaidNoOneEver]

So only the $130k in CCs minus whatever was put towards taxes (if he actually put taxes on a card)?

Thats what I figured but damn its insane how much debt he still has for a guy who's only earthly possessions are a midunit shithole condo and car.

That';s not how I read it. All of his debts minus the WA condo mortgage and car has been wiped, even the deficeincy on the CT condo. Not only that bu Nancy acknowledged he had over $400k in assets that she didn't think were worth auctioning.

 

[DiabeticSP]

That';s not how I read it. All of his debts minus the WA condo mortgage and car has been wiped, even the deficeincy on the CT condo. Not only that bu Nancy acknowledged he had over $400k in assets that she didn't think were worth auctioning.

Besides the untouchable stuff and CC interest debt he really doesn't have shit to auction.

Dude's an autistic black hole for money.
But Phil's the guy who got $16k from an oil baron and managed to use that money for anything BUT paying his taxes on time and actually bitchef getting that money made him poorer.

Phil's been a financial trainwreck for so long its actually kinda refreshing to see him unfuck the whole he dug a little bit. Maybe he can afford AC or a real setup now.

Surely with more liquidity DSP will spend sensibly to ensure he's still streaming in 5-6 years and has SOME kind of savings for retirement....

 

[Gramh]

Phil's been a financial trainwreck for so long its actually kinda refreshing to see him unfuck the whole he dug a little bit.

But as in usual Phil fashion, he didn't actually do the work himself he hired a lawyer and was let through the system by a trustee who probably had better things to do than scrutinize his expenses.

 

[FlappyBat]

This is the real reason most Americans file for bankruptcy

Two-thirds of people who file for bankruptcy say medical bills or other issues related to illness contributed to their financial downfall. One big reason: their health insurance wasn't enough.

www.cnbc.com

"A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, the research found."

Wow I didnt know that,I guess I was wrong.

A different study found medical emergencies to cause about 4% of bankruptcies. Instead of asking people why they went bankrupt, they looked at the change in rate of bankruptcy for people who had a medical emergency (a non-pregnancy related hospitalization) compared to people who didn't.

The results show a clear effect of hospital admission on bankruptcy: the rate of bankruptcies rises sharply in the years after hospital admission, and this change is statistically significant (at conventional levels) both 1 and 4 years after the admission, after which bankruptcies appears to level off. This finding indicates that the expenses that result from the illness or injury that caused the hospital admission — for example, out-of-pocket medical costs and lost labor income — cause some people to file for bankruptcy. However, the magnitude of the bankruptcy effect is much smaller than previously thought: we estimate that hospitalizations cause only 4% of personal bankruptcies among nonelderly U.S. adults, which is an order of magnitude smaller than the previous estimates described above.

Side note, the conclusions were limited to non-elderly because they were not considered for the analysis, not because an analysis showed the opposite result.

 

[grump]

This is the real reason most Americans file for bankruptcy

Two-thirds of people who file for bankruptcy say medical bills or other issues related to illness contributed to their financial downfall. One big reason: their health insurance wasn't enough.

www.cnbc.com

"A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, the research found."

But it is a medical issue! He NEEDS $50K jpegs of hot oily men to relax and maintain his psychological health after a hard days work d00d!

I'm really wondering how the CT condo thing plays out now, because it's not like he can both have the mortgage debt discharged AND have possession of the condo. That the CT condo was abandoned means he has possession and the foreclosure proceeds, but can they preemptively discharge a deficiency judgment?

I'm waiting to see all of the debt that isn't getting discharged, that will be really interesting. Also holding out hope that Midfirst can put the screws to him at least enough to get him to sweat.

So is the $496k or whatever the REMAINING debt?

How much is she actually wiping off.

The credit card debt is wiped off completely. The main punishment is the credit rating hit and we've discussed already how much that means for a guy making as much as phil does. He reaffirms his debt for the wakhando and his barely used car I think.

As for the backup Khando based upon my reading and keep in mind I'm still looking into this but it seems that things are leaning toward deficiency judgements if for property surrendered during proceedings being able to be wiped by Chp7 too. Looks like Boomer Nancy tipped another 100k. Way to go Phil!

 

[KingjadVCMP]

I see some people are still describing their anger/fury/disbelief at Phil getting away with conning the United States government, but I think I know why it wounds some more than others, bear with me:

Good things happen to bad people every day, but most of the bad people we hear good things happening to aren't sharing every single boring facet of their miserable lives every day like Phil does. We don't usually get daily reminders of why bad person is bad. With Phil we do, so it becomes almost more personal to those that follow Phil closely. When other bad people have good things happen to them (insert your own example), while frustrating you, it won't otherwise trigger you like Phil would because you're likely involved more emotionally with Phil, especially if you thought he'd finally get what karma owes him.

So for those folk I recommend just taking a step back and remember your life is infinitely superior to Phil's. Aside from his income every single other aspect of his existence is pathetic.

 

[Just Some Other Guy]

Fuckin' lol @ anyone who actually needs to cope this hard:

So for those folk I recommend just taking a step back and remember your life is infinitely superior to Phil's. Aside from his income every single other aspect of his existence is pathetic.

"Be civil. Don't get angry over DSP. If you need to tell people you're better than someone, you're probably not. "

 

[Shick]

"Assets abandoned: $427,615.35"

Ummm, what?

What Is Abandoned Property In Bankruptcy? - Allmand Law Firm, PLLC

Abandoned Property In Bankruptcy When a debtor files bankruptcy, all of their property becomes part of the bankruptcy estate. The bankruptcy estate is

www.allmandlaw.com

"In summary, abandoned property is that property which the bankruptcy trustee has determined to be of so little value to the estate and creditors that it is not worth liquidating. Once the case is closed, the abandoned property returns to its original owner – usually the debtor. In most basic bankruptcy cases, this is not really an issue because the debtor really has no non-exempt property of any real value. But there are exceptions to this rule and in those cases the rule of abandonment is a benefit to the debtor. "

You literally can't make this shit up. Jesus wept, that's fucking incredible.

 

[Gramh]

The credit card debt is wiped off completely. The main punishment is the credit rating hit and we've discussed already how much that means for a guy making as much as phil does. He reaffirms his debt for the wakhando and his barely used car I think.

As for the backup Khando based upon my reading and keep in mind I'm still looking into this but it seems that things are leaning toward deficiency judgements if for property surrendered during proceedings being able to be wiped by Chp7 too. Looks like Boomer Nancy tipped another 100k. Way to go Phil!

There will be exceptions though, depending on how much of his taxes went on credit, any period of time after Nancy believes DSP thought he was insolvent, and anything she believes shouldn't be included in the discharge as per the form.

 

[grump]

There will be exceptions though, depending on how much of his taxes went on credit, any period of time after Nancy believes DSP thought he was insolvent, and anything she believes shouldn't be included in the discharge as per the form.

taxes aren't discharged to my knowledge. One of the few spots where Nancy didn't come through completely for her boo. Of the debt I think about 15K is Federal taxes from 2018, don't quote me but it looks like that may under the 3 year rule. So yah...maybe? Although if she followed the rules in the first place he shouldn't have gotten the Chp7 at all from all the information I've looked at so who knows.

Not that it matters since since he's going to be whining and pulling the usual faces for the upcoming federal bill.

 

[Gramh]

taxes aren't discharged to my knowledge. One of the few spots where Nancy didn't come through completely for her boo. Of the debt I think about 15K is Federal taxes from 2018, don't quote me but it looks like that falls under the 3 year rule. So yah...maybe?

Not that it matters since since he's going to be whining and pulling the usual faces for the upcoming federal bill.

Well not only are his Federal and State taxes not discharged, but any of his Federal or State taxes that he placed on any of his various credit cards are also excluded from discharge.

 

[behind_the_scenes_begging]

Despite what appears as a win, Phil's only ok in the long run if he is able to sustain his current income several years from now. That just seems like a big if to me. Reading the tea leaves the actuarials for someone like Phil are not good. A twitch adpocalypse, or twitch getting fed up with him (e.g. enforcing the TOS against e-begging), or a significant health issue, really any external stressor and his income is shot.

Now that he's solved the debt problem Phil needs to turn to coming up with a way that maintains his current income over the long run, which is surely beyond him.