[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

[DarkSoulsPhil]

God I hope he gets denied Chapter 13. Somehow I think that'd be more salt than fucking up but I'll take that as a close second.

His income is high enough that they could deny it. If he lived a little more frugally he would be reducing his debt these last few years. But wrastling mobile games and ramen happened.

 

[James Smith]

I went in and adjusted assuming he's $20K behind on tax payments, it only increased his monthly payment by $333 per month since it stretches out along such a long timeline.

In this case, and moreso if he doesn't pay his 2019 taxes either, his payment will actually be a lot more to keep the condo. If he has basically not paid for 2018 yet he'll go from $2500 to $2000. If he hasn't paid for his 2019 taxes by the time he files for bankruptcy he'll go from $2000 to $1700.

If it reaches zero I believe he doesn't qualify but that's just based on my own logic and I don't know if that's really the way it works.

EDIT:

"So what happens if you only have enough “disposable income” to pay your secured and “priority” debts? What if there’s nothing left over for your “general unsecured” debts? You pay all you are required to pay each month and do so for as long are you are required to do so, but your secured and/or “priority” debts are so large compared to your “disposable income” that there is nothing at all left over for your “general unsecured” debts.

That’s called a “0% plan.” Your “general unsecured” debts get nothing out of the plan—0% of what you owe them."

"0% Plans Not Accepted Always or Everywhere

But there are also some situations where you aren’t allowed to pay nothing on your “general unsecured” debts. For example, if you are keeping an asset that does not fit within a property “exemption,” usually in return you are required to pay a certain minimum to your pool of “general unsecured” debts. There are other situations like that.

There are also some jurisdictions where the bankruptcy judges frown upon or simply do not allow 0% Chapter 13 plans. Your bankruptcy lawyer will tell you what limitations there are along these lines in your bankruptcy court."

Potentially Pay Nothing to Most Creditors in Chapter 13 - San Antonio Bankruptcy Attorney

In some jurisdictions you can pay nothing to your "general unsecured" creditors, if all your money goes to paying higher priority ones.

www.chancemcgheelaw.com

 

[Pargon]

The true victory for me is imminent, as we're set to receive that which Phil has always fought molar and hoof to keep from us: actual, irrefutable, concrete information. When the income/spending findings from the bankruptcy hearing go public the autism in this sub will flow like it never has before. We will be pouring over it and applying a deep and penetrating anal-sys for months, and some (maybe not all) but some supporters will read it, or see the videos detractors make based on it.

Phil will see his support wane. To the point that he won't be able to meet his obligations? Possibly but I'm not banking on it. The autism is strong on all sides. But he will see things ebb for a bit, and that will bring more malk. We may not be in for a feast, lads, but the meal we will receive will tide us for a time.

 

[instythot]

God I hope he gets denied Chapter 13. Somehow I think that'd be more salt than fucking up but I'll take that as a close second.

Nah, we'll get self pity instead of salt. How many years of "I did everything correct, there was nothing I could do" have we seen already?

 

[LostMy1stAccount]

I agree with everything here but the last bit: trolls are 100% running his life. We're living rent-free in his head, 24/7, 365 days a year, at all times.

Lying about getting married? Due to the trolls.
Lying about getting a pet? Due to the trolls.
Lying about every and any little detail about his life? Due to the trolls.
Can't do any videos besides gameplay vidyas on YT? Due to the trolls.
Can't have a semblance of a normal life? Due to the trolls.
Can't be happy? Due to the trolls.
Can't get a real job? Due to the trolls.
Can't be successful in life? Due to the trolls.

Thursday's stream showed a man living in fear and paranoia. He made that clear during his last drama stream where every rationale behind his shitty decisions in life were due to the "le trolls." The mental gymnastics he has to go through to convince himself why his YT channel failed, why he's in foreclosure, why he's filing for bankruptcy are all due to factors outside of his sphere of influence and control are mentally taxing to a point that me and you can't imagine.

Don't forget that "everything happens because of the trolls" is just his victim-narrative.

In reality it would look more like this:

Lying about getting married? Due to crying poor even though he just received 18k from Twitch (E7 money).
Lying about getting a pet? Due to crying poor even though he has the money to afford a pet.
Lying about every and any little detail about his life? Again, to hide the fact that he regularly spends money which he should put aside for his taxes/debt.
Can't do any videos besides gameplay vidyas on YT? Because he is lazy and doesn't want to put any kind of effort into anything.
Can't have a semblance of a normal life? Because he is an autistic shut-in.
Can't be happy? Due to being a miserable human being who doesn't have any friends.
Can't get a real job? Due to being lazy af and unskilled to boot.
Can't be successful in life? I'm going with "due to his parents and how they raised him" on that one.

 

[tzgnilki]

God I hope he gets denied Chapter 13. Somehow I think that'd be more salt than fucking up but I'll take that as a close second.

him trying to time this before taxes are due just shows how greedy he is

 

[Schmeckel]

Can't be successful in life? I'm going with "due to his parents and how they raised him" on that one.

This one would entirely be chalked up to MamaSydePhil. At the very least, PapaSydePhil has seen a modicum of success over his career as someone who actually DOES something (if his LinkedIn is to be believed). Mom has done nothing but endanger Phil. Whether it's been by smoking while prego, smoking post prego, and/or not acquiring x-men related action figures... Mom has been the biggest influence on Phil's attitude. She waited for PSP to bring home the money, and so Phil waits for his piggies to bring home the money.

Dave routinely used his skills and knowledge to further his career. Mama just squandered it on pall malls and peach schnapps. Phil is a product of the person that he was "raised" by.

 

[Authentic Sauce]

him trying to time this before taxes are due just shows how greedy he is

Not sure I would call it greedy, it would be very dumb. He needs to lay everything out in the bankruptcy. His timing here is a bit of a challenge, he should want to include this years taxes in the bankruptcy filing so the trustee has the full picture. If he gets a chapter 13 and the payment plan does not include this years tax debt he is setting himself up to fail.

The issue is if he is trying to beat Midfirst to putting a lien on the Wakando with his filing, he needs to get his taxes done immediately. The alternative (I think) would be to file with incomplete information on 2019 tax debt and add it later during his meeting of creditors or file an amendment.

 

[FamicomGorby]

Even if we don't get an itemized list of what Phil spends his money on, just having concrete proof that he makes over 100k a year and still went broke is gonna be good. Doubt it will convince any of his whales to quit, those jabroni's didn't even think the foreclosure was going on when anyone could see the court case online.

 

[Authentic Sauce]

While looking into tax debt and bankruptcy, I stumbled upon an interesting topic for Phil. If you paid your taxes with credit cards that credit card debt may not be dischargeable. Phil has admitted to paying taxes historically with credit cards so this may apply to him. Not sure how they unwind all that but if the tax is less than 3 years old it would not be dischargeable so he may have credit card debt for taxes going back to 2017 filing date that he cannot discharge. Not sure how the Washington business taxes would fit as those are the business' taxes not his personal tax. I would hate to be his bankruptcy attorney trying to deal with Phil's financial maze. If he gets a chapter 7 he will still be on the hook for his 2018 and 2019 taxes, but it maybe even worse than that.

Here is a reference
Credit Cards and Taxes

 

[James Smith]

If you paid your taxes with credit cards that credit card debt may not be dischargeable.

This is actually a moderate "Holy shit, that might matter" type thing.

 

[MoonRocker]

Don't forget that "everything happens because of the trolls" is just his victim-narrative.

In reality it would look more like this:

Lying about getting married? Due to crying poor even though he just received 18k from Twitch (E7 money).
Lying about getting a pet? Due to crying poor even though he has the money to afford a pet.
Lying about every and any little detail about his life? Again, to hide the fact that he regularly spends money which he should put aside for his taxes/debt.
Can't do any videos besides gameplay vidyas on YT? Because he is lazy and doesn't want to put any kind of effort into anything.
Can't have a semblance of a normal life? Because he is an autistic shut-in.
Can't be happy? Due to being a miserable human being who doesn't have any friends.
Can't get a real job? Due to being lazy af and unskilled to boot.
Can't be successful in life? I'm going with "due to his parents and how they raised him" on that one.

Yes, these are all the actual reasons as to why Phil can’t do any of the things I listed above but he doesn’t rationalize or believe in them.

He genuinely believes that everything that went wrong in his life is due to the trolls and none of it was his fault (besides minor things that he does admit fault for but are truly insignificant). The mental gymnastics required to admonish yourself of any fault for your repeated and very public failures is mentally poisonous. Phil is an idiot but he’s a cognizant idiot whose fragile ego has to be protected at all costs even if that means living in a fantasy word completely detached from reality. And that is a Herculean effort to make yourself believe all of that.

 

[gh0stzero]

The issue is if he is trying to beat Midfirst to putting a lien on the Wakando with his filing, he needs to get his taxes done immediately. The alternative (I think) would be to file with incomplete information on 2019 tax debt and add it later during his meeting of creditors or file an amendment.

Would courts not get pissy with him for filing incomplete information? I'm sure there would be a deadline so the case could proceed so if he were to file incomplete information is there a chance the case could be dismissed?

 

[Lady Adjani]

Yes, these are all the actual reasons as to why Phil can’t do any of the things I listed above but he doesn’t rationalize or believe in them.

He genuinely believes that everything that went wrong in his life is due to the trolls and none of it was his fault (besides minor things that he does admit fault for but are truly insignificant). The mental gymnastics required to admonish yourself of any fault for your repeated and very public failures is mentally poisonous. Phil is an idiot but he’s a cognizant idiot whose fragile ego has to be protected at all costs even if that means living in a fantasy word completely detached from reality. And that is a Herculean effort to make yourself believe all of that.

He's incapable of admitting fault, no matter how trivial the matter, everything bad that happens to him is due to trolls, detractors or a greater force over which he is completely helpless and defenseless against. It's quite disgusting to the lengths he's willing to go in terms of playing the victim.

 

[James Smith]

Would courts not get pissy with him for filing incomplete information? I'm sure there would be a deadline so the case could proceed so if he were to file incomplete information is there a chance the case could be dismissed?

If he omits information he will have an opportunity to fix it. If they 100% believe it was intentional he'll probably get told to go fuck himself eventually if he keeps it up.

I've updated this post.

 

[King of Not Playing Games]

Is it possible for a creditor to refuse to participate in the plan? Does that have an impact on whether or not he qualifies for Chapter 13?

 

[Freshtodeath]

Maybe he is just filing bankruptcy to protect condo before midfirst tries to get it.

 

[AnOminous]

God I hope he gets denied Chapter 13. Somehow I think that'd be more salt than fucking up but I'll take that as a close second.

I think he gets approved but then fucks it up and the trustee moves to dismiss it.

Is it possible for a creditor to refuse to participate in the plan? Does that have an impact on whether or not he qualifies for Chapter 13?

A creditor or anyone with standing can file an adversary action in the bankruptcy case itself to challenge anything about it. This can be counterproductive as it's going to run up legal fees but if the debtor is just fucking around, or has defrauded a bunch of people, or otherwise done things that cause creditors to fight with each other, it happens all the time.

There are also some jurisdictions where the bankruptcy judges frown upon or simply do not allow 0% Chapter 13 plans. Your bankruptcy lawyer will tell you what limitations there are along these lines in your bankruptcy court."

Bankruptcy judges just do bankruptcy, but they're still federal judges, and still have enormous discretion and power. How DSP's bankruptcy goes will quite possibly have a lot to do with what judge he draws.

Maybe he is just filing bankruptcy to protect condo before midfirst tries to get it.

Why else would he? Other than dinging his credit rating he could string along consumer credit bullshit forever and not really give a fuck.

While looking into tax debt and bankruptcy, I stumbled upon an interesting topic for Phil. If you paid your taxes with credit cards that credit card debt may not be dischargeable. Phil has admitted to paying taxes historically with credit cards so this may apply to him

Great catch. I hadn't even thought of this but this could be yet another massive dicking for DSP.

 

[James Smith]

Why else would he? Other than dinging his credit rating he could string along consumer credit bullshit forever and not really give a fuck.

It's confusing when people say condo because it's not clear which one, I'd assume in this case they mean the WA condo. The serious adult house.

 

[BrunoMattei]

I mentioned this in the foreclosure thread just now.

But Phil seems to think the only difference between paying off the debt himself and a bankruptcy is that the lawyers do the heavy lifting of actually selling things.

Phil seems to think if he says his statues are worth a thousand dollars each, that the bankruptcy court will liquidate them for that price and not the $47 they actually got for it.

He vastly overestimates how much value selling shit off will get him if someone else handles it. And even if he does keep the house, that just fucks him with more debt burden anyways.

I'm sure he will keep the house, but not debt free like he seems to think he will.


Though, if Phil had his debt wiped today and kept everything he'd find a way to be back in debt within 5 years.

Yeah, didn't he see that episode of the Simpsons where Krusty runs afowl of the IRS? Even the fucking Simpsons have covered this!