[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

[Freshtodeath]

Imagining DSP sitting in a lawyer office with a sonic T shirt explaining his conspiracies while the lawyer is like "yep, uh huh yeppp".

"You made 100k sitting on your ass for several years but your broke"
DSP: Yep

 

[Salubrious]

Also I love how he thinks that a mobile game account handle= his whole life will be hacked if we see it.

It probably would be for him, because as it was pointed out, he uses the same handle for EVERYTHING.

This whole WWE issue would never have even occurred if DSP had any other username.

 

[Kheapathic]

As much as I think people shouldn't throw money at him; I wouldn't mind an enterprising paypig to make donations as MidFirst Bank and tell him to work harder. That is, when he has donation alerts enabled on screen.

 

[Martys_not_smarty]

So who's bringing what in regards to refreshments when we have the review party of Pigroaches bankruptcy filings and we see how much he makes and how he got it? Me I'll be whipping up something right up Phils avenue and that's some authentic Italian pulled pork nachos and pierogis just like Phils puro Italiana mama mia used to make.

 

[Evilronald]

I hate to be that guy, but are we really sure that Phil has that much equity in his WAkando? Remember that equity is what his house is worth minus his mortgage.

It could have appreciated in value, which is considered equity. Appreciation of say 3 percent per year would’ve actually been a pretty significant amount.

 

[Freshtodeath]

So what happens to all these creditors that loaned to dsp? does the government pay them back or do they get fucked?

 

[Thumb Butler]

At some point, he was claiming that shipping a single statue cost $50-$100 and would take too much work.

You can easily tell by looking at him that he's dull, so this makes perfect sense.

 

[Evilronald]

So what happens to all these creditors that loaned to dsp? does the government pay them back or do they get fucked?

Depends on the type of bankruptcy. The CT condo will go to the bank and any amount they can’t recover from the sale of the property will become part of the unsecured creditors pool. Any additional money made from the sale of DSP’s property will be distributed to these creditors. Most likely they will get nothing since he owes a ton of taxes and taxes are paid before unsecured creditors.

 

[Shambler]

You could almost hear Komm Süsser Tod play at the distance when he was "explaining" his situation.
It all comes tumbling down, Philly boi.

i think we're far off phils third impact

 

[Pepper Jack]

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.

I am picturing the CEO of Midfirst Bank having the CM Punk Commemorative Plaque hanging behind his desk.

 

[Freshtodeath]

Depends on the type of bankruptcy. The CT condo will go to the bank and any amount they can’t recover from the sale of the property will become part of the unsecured creditors pool. Any additional money made from the sale of DSP’s property will be distributed to these creditors. Most likely they will get nothing since he owes a ton of taxes and taxes are paid before unsecured creditors.

They could probably make a case that he used money he could have paid off CT condo to purchase the home in seattle.

 

[Evilronald]

The house has appreciated a ton since he bought it.

 

[tzgnilki]

i'm trying to think what they could take

Spoiler

TV in the lounge

coffee machine

air fryer

$80 hair brush

dvd & blu ray collection

halloween/christmas decorations

if his business assets aren't registered under his business, he has to prove it with invoices/sales/tax receipts, or they will take it, good luck doing that with your fucking laptop from 2012, also khet will have to prove things are hers or they are deemed recoverable until proof can be given that she owns it and not dsp, hope he didn't get her any jewellery for christmas, can kiss that goodbye

the debt collectors will do a rough tally on what everything is worth, and the claimant has to give the OK on whether or not to put that towards the debt if it's significant enough

he can't just claim random things are for his business so they're untouchable

Spoiler

calendar

TV#2

PC & pc chair

laptop

microphone

games/consoles/fight sticks

4th place evo trophy

also filing for bankruptcy won't stop the bank from chasing him for money, it will only have an impact once he is officially/legally declared bankrupt, if anything this will make the bank work faster because they know what happens once ppl go bankrupt

 

[L.I.M.B. Commander]

Wow.....I am laughing so hard right now...I should feel bad about laughing but....its....DSP....I'm in tears right now. Well if things begin to happen we may finally have a question answered...where does his money go to???

 

[Shambler]

i'm trying to think what they could take

Spoiler

TV in the lounge

coffee machine

air fryer

$80 hair brush

dvd & blu ray collection

halloween/christmas decorations

if his business assets aren't registered under his business, he has to prove it with invoices/sales/tax receipts, or they will take it

he can't just claim random things are for his business so they're untouchable

Spoiler

calendar

TV#2

PC & pc chair

laptop

microphone

games/consoles/fight sticks

4th place evo trophy

do you think thats why dsp doesn't buy physical anymore?

 

[Forbidden Math]

Imagining DSP sitting in a lawyer office with a sonic T shirt explaining his conspiracies while the lawyer is like "yep, uh huh yeppp".

"You made 100k sitting on your ass for several years but your broke"
DSP: Yep

I loved that part where he was explaining how shocked the guy was to hear it all. I don't doubt it, but I don't think he was shocked for the reasons Phil thought he was shocked.

 

[Wing Zero]

Well, it was a slow burn but Karma has finally caught up to DSP and MAN it is good to see. I have just one question for you Phil:

Do you think we're still jealous?

 

[Evilronald]

They could probably make a case that he used money he could have paid off CT condo to purchase the home in seattle.

The house was paid in 2014, so it wouldn’t be considered a preferential transfer. He’s got a shit ton of equity in his house though because of appreciation. He must not have been able to substantiate the income the bank would’ve needed to refi. They likely saw that he couldn’t even come close to servicing his existing debtload and didn’t think a refi would even be doable.

 

[tzgnilki]

do you think thats why dsp doesn't buy physical anymore?

he was also doing the "send me digital codes" meme to avoid shit aswell

if his ps4 or any console was bought by a fan, this will be confirmed when he gets to keep it, or if they take it

 

[James Smith]

If it's a Chapter 7 bankruptcy, the deficiency judgment is just more unsecured credit entitled to no more priority than a credit card debt.

It's only unsecured if they don't get a lien on his his WA condo first.

This will be a fun race. We win no matter what.

Best case bankruptcy scenario for DSP seems to be to declare bankruptcy- IN COURT via a petition not just Michael Scott- before Midfirst Bank

1. gets their judgement in CT
2. converts it to WA, and
3. attaches a lien to his condo.

and comply with the requirements of a granted petition. In Chapter 7 this means selling a bunch of your stuff (including his condo and car). In Chapter 13 this means selling the same amount of stuff and adhering to a payment plan for 3-5 years where you give 100% of what the court considers your disposable income to your various creditors in a distribution that the court controls through a trustee.

@AnOminous the collection stay will prevent the lien unless they've already gotten through each of those three steps right?