[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

[Bryan Dunn]

It's in the bankruptcy thread. I'll find it.

https://kiwifarms.st/threads/dec-15-2019-foreclosure-saga.64148/post-5803252

EDIT:

https://kiwifarms.st/threads/dec-15-2019-foreclosure-saga.64148/post-5733815

He can only keep $125K in equity. He has fuck tons more.

Found this all over washington bankruptcy laws

What does this mean exactly?

Tacoma Bankruptcy & Home Ownership Lawyer - Washington Fresh Start

Filing for bankruptcy can be scary when it comes to retaining your home through the ordeal. Call us today to discuss how we can help YOU.

washingtonfreshstart.com

Some exemption by the state? Not sure how that works

 

[PutridElephant]

I can't wait to see Phil yell at his lawyer that

• He can't go to court without 4 weeks of notice
• He needs to be compensated for the time he is in court because if he's not streaming, he's losing money
• His lawyer is only allowed to communicate with him via email
• His lawyer is only allowed to communicate with him in the evenings after his night stream
• The judge is lazy and stupid for not understanding how Twitch works

 

[James Smith]

Some exemption by the state? Not sure how that works

Yes, he can keep $125K in equity in his home in a bankruptcy. He cannot keep more. If his equity is higher the state will sell his home, give him $125K, and give the rest to the people he owes money to.

 

[Lopsquad]

No, see, he would've paid his mortgage, but the stupid mortgage idiots kept calling him instead of e-mailing him like he asked, nothing he could do dood.

 

[James Smith]

Does DSP not qualify for Chapter 13? Is it down just to 11 or 7?

He can do any of the three, I don't think 11 is a good one for him personally. It could turn into a 6, 7, 10, 100 year payment plan if the creditors vote to do so.

 

[Immortal Technique]

I'm curious if he flat out rejected the notion of selling the WA condo and using the positive worth it's accrued to payoff the CT condo and move back in there. Dave would rather ruin his credit for a decade, possibly lose both places than move back to a CT.

It's but I have a minuscule of hope that Dave with be streaming at Ma's house with her smoking her cigs & reading the chats on the couch with him.

 

[Coldbeyond]

*snort* khet, you're my soulmate, will you move back into my parents home with me? We can keep the cat, and uh bottom line *sniff* my parents will die soon anyway.

 

[Shield Breaker]

He can do any of the three, I don't think 11 is a good one for him personally. It could turn into a 6, 7, 10, 100 year payment plan if the creditors vote to do so.

Going any longer than 20 is a huge gamble on the Goutfather living that long.

 

[Sphadilcastro]

It doesn't matter which bankruptcy he goes through. He will lose that WA condo, period.

He can only keep $125K in equity. He has fuck tons more.

So the house can only get sold if the sale leaves Phil with 125k and this money can't be touched by the people phil owes, or am I misunderstanding?

 

[Kheapathic]

I'm curious if he flat out rejected the notion of selling the WA condo and using the positive worth it's accrued to payoff the CT condo and move back in there. Dave would rather ruin his credit for a decade, possibly lose both places than move back to a CT.

It's but I have a minuscule of hope that Dave with be streaming at Ma's house with her smoking her cigs & reading the chats on the couch with him.

I don't remember if I said it here or elsewhere; but between Leanna and Khet, I said the best thing he could do is return to CT and wait to inherit his parent's house. Maybe even move back in and help contribute to the house finances since he wouldn't be over his head in debt. He could then play landlord (via intermediary) and rent out his condo and go on business as usual. Yeah it sucks; but looking at all the problems he had, it would've been the safest bet for him. Lick his wounds and recover, and maybe try again later; but he ignored all the warning signs and went full-steam ahead to bring in a soul maid and fur-son.

 

[James Smith]

So the house can only get sold if the sale leaves Phil with 125k and this money can't be touched by the people phil owes, or am I misunderstanding?

More or less. If the value tanks and what it's worth is less than (what he owes plus $125K) then the state won't sell it to pay his debt. If the value stays the same it will get sold and he will get the first $125K, the creditors will get what they are owed, and if there's money left over he'll get the rest.

 

[DSPGouting]

Yes, he can keep $125K in equity in his home in a bankruptcy. He cannot keep more. If his equity is higher the state will sell his home, give him $125K, and give the rest to the people he owes money to.

hold up, the wahkando is worth what 450k? Let’s say he goes through the Bankruptcy and they make him sell the house.

there’s a lump sum of 450k on the table right, assuming he’s paid off 100k off - he keeps this 100k and the remaining 350k goes to the bank.

am I right in thinking out of the 100k he keeps, he has to square all his debt and CT foreclosure debt right? (Which is well over 100k by the sounds).

Apologies for the convoluted way around here but I just want to be 100% certain that Dave come out of this empty handed before I celebrate..

 

[RIPRhongoBongo]

Man, the writers of this arc deserve a massive raise.

 

[James Smith]

Apologies for the convoluted way around here but I just want to be 100% certain that Dave come out of this empty handed before I celebrate..

I explained this here: https://kiwifarms.net/threads/dec-15-2019-foreclosure-saga.64148/post-5803252

It should probably be put in one or both OPs if knowledgeable people agree with the predictions.

 

[Mr.PiggyOinkOinkOink]

And this is the guy who claims he’s successful and people are jealous of him lmao

 

[Kheapathic]

And this is the guy who claims he’s successful and people are jealous of him lmao

Success is a measurement, efficiency and morality are contextual. He makes six figures (pre-tax) being a retard online and begging for quarters from other retards. It's a shit way to live, but he is making a living and six figures is a nice amount.

 

[Bryan Dunn]

Yes, he can keep $125K in equity in his home in a bankruptcy. He cannot keep more. If his equity is higher the state will sell his home, give him $125K, and give the rest to the people he owes money to.

I am pretty sure his house is worth at least $250,000 if he got an appraisal at this point. Can't recall how much he bought it for.

 

[Pedosnake]

That idiot really thinks this is so fucking easy. The Statues are of no worth for the Bank and if he thinks that his consoles, TVs and other dusted stuff is safe, he got another thing comin.

Filing for Bankruptcy is not an automatic get out of jail card:

Also, if he keeps begging like this on stream, it will only make it harder to file for bankruptcy.

 

[actually]

It should probably be put in one or both OPs if knowledgeable people agree with the predictions.

@Haunter or I can update the OPs later tonight.

I am pretty sure his house is worth at least $250,000 if he got an appraisal at this point. Can't recall how much he bought it for.

Condos (it's a condo, not a house; literally a middle unit) in his "gated community" have been selling for $350k+ recently.

 

[Sphadilcastro]

More or less. If the value tanks and what it's worth is less than (what he owes plus $125K) then the state won't sell it to pay his debt. If the value stays the same it will get sold and he will get the first $125K, the creditors will get what they are owed, and if there's money left over he'll get the rest.

This had to come up in his talk with the bankruptcy attorney. Maybe Phil's attachment to the wakhando has waned now that he sees a clean slate and 125k in the horizon. Seems like a win for him if you ask me