[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]

why does Phil have a CPA? is he filing but just not paying? he seems to be pretty far behind on taxes.

 

[actually]

why does Phil have a CPA? is he filing but just not paying? he seems to be pretty far behind on taxes.

He's filing and doesn't have the money to pay because he plans for nothing except how to extract more money to buy WWE Champion pulls. So he owes like $20,000 at the end of 2018, gets on a payment plan, and then promptly sets aside no money during the whole of 2019 either (apparently).

 

[Dizzyuntildeath]

He's filing and doesn't have the money to pay because he plans for nothing except how to extract more money to buy WWE Champion pulls. So he owes like $20,000 at the end of 2018, gets on a payment plan, and then promptly sets aside no money during the whole of 2019 either (apparently).

Why are people losing faith in the system? He's pumping out two videos a day as proof that he can pay his debts, he just elects not to.

 

[actually]

Why are people losing faith in the system? He's pumping out two videos a day as proof that he can pay his debts, he just elects not to.

I was just answering the question about the CPA and whether he was filing or paying. He's filing his taxes, but he's not planning for paying them in any way shape or form. There's no excuse for 2019 as he had an extra $1000 or so just from not playing his CT condo mortgage since April.

 

[Dizzyuntildeath]

I was just answering the question about the CPA and whether he was filing or paying. He's filing his taxes, but he's not planning for paying them in any way shape or form. There's no excuse for 2019 as he had an extra $1000 or so just from not playing his CT condo mortgage since April.

Sorry, didn't mean to level that at you. I was just lazy and hit the wrong reply.

 

[James Smith]

If they look at his current income for any random reason and see he's now making a few thou more than he said he did on his filing they're going to see that he can afford to pay 55% of his debt in three years, 25% constitutes abuse of Chapter 7.

 

[Tumbo]

If they look at his current income for any random reason and see he's now making a few thou more than he said he did on his filing they're going to see that he can afford to pay 55% of his debt in three years, 25% constitutes abuse of Chapter 7.

The Real Qestion is will they bother to really look or have they already?

 

[AnOminous]

If they look at his current income for any random reason and see he's now making a few thou more than he said he did on his filing they're going to see that he can afford to pay 55% of his debt in three years, 25% constitutes abuse of Chapter 7.

I'm actually somewhat surprised there hasn't yet been a filing about presumption of abuse.

 

[BallBuster]

I'm actually somewhat surprised there hasn't yet been a filing about presumption of abuse.

The suspense is what gets our rocks off baby! Remember, the chase is always better than the catch. But in this instance the catch could supply enough tard cum rage to sustain us for eternity.

 

[tzgnilki]

The suspense is what gets our rocks off baby! Remember, the chase is always better than the catch. But in this instance the catch could supply enough tard cum rage to sustain us for eternity.

each week brings us a week closer to the season finale

 

[French_Toast]

Losing the house is completely disastrous for Phil in a number of ways. It leads to a bit of a domino effect:

Phil's credit is fucking ruined and his background check is now gonna turn up a lot more interesting shit than it did in 2012 or whenever the fuck he moved. He would have a supremely difficult time landing a mortgage for a place half as nice as the one he's in now. He'd have to downsize significantly in home quality and lifestyle. Further, he would be forced to take time off streaming to find a new place and move all his shit (Whatever remains after Nancy pulls out her strap-on). This for-sure leads to Kat divorcing him since she has no interest in sticking by the pig if he's living in mom's basement searching for a kahndo.

As icing on top, his entire self-image of being a mature adult with a real house goes out the fucking window. It's the worst case scenario and one I really hope to see.

 

[PieceofShet]

Losing the house is completely disastrous for Phil in a number of ways. It leads to a bit of a domino effect:

Phil's credit is fucking ruined and his background check is now gonna turn up a lot more interesting shit than it did in 2012 or whenever the fuck he moved. He would have a supremely difficult time landing a mortgage for a place half as nice as the one he's in now. He'd have to downsize significantly in home quality and lifestyle. Further, he would be forced to take time off streaming to find a new place and move all his shit (Whatever remains after Nancy pulls out her strap-on). This for-sure leads to Kat divorcing him since she has no interest in sticking by the pig if he's living in mom's basement searching for a kahndo.

As icing on top, his entire self-image of being a mature adult with a real house goes out the fucking window. It's the worst case scenario and one I really hope to see.

Cant wait!

 

[Schrödinger's Kat]

Losing the house is completely disastrous for Phil in a number of ways. It leads to a bit of a domino effect:

Phil's credit is fucking ruined and his background check is now gonna turn up a lot more interesting shit than it did in 2012 or whenever the fuck he moved. He would have a supremely difficult time landing a mortgage for a place half as nice as the one he's in now. He'd have to downsize significantly in home quality and lifestyle. Further, he would be forced to take time off streaming to find a new place and move all his shit (Whatever remains after Nancy pulls out her strap-on). This for-sure leads to Kat divorcing him since she has no interest in sticking by the pig if he's living in mom's basement searching for a kahndo.

As icing on top, his entire self-image of being a mature adult with a real house goes out the fucking window. It's the worst case scenario and one I really hope to see.

He's not getting another mortgage for 5 or even 10+ years. By then, he'll likely have far less income than he does today, and will probably be right back in huge debt even if the bankruptcy goes through, because its Phil. If he loses the house, he'll never be buying another one. Which is why he's lying to the U.S. government about its value in order to keep it.

I'm actually somewhat surprised there hasn't yet been a filing about presumption of abuse.

It's probably taking Nancy a lot of time to sift through Phil's complete mess of a filing and financial documents. Imagine the hundreds if not thousands of Scopely transactions and tips on his statements that she has to go through one by one to try to figure out his true net income. And she probably has to have this number down to the dollar to make the claim of abuse to guarantee the court accepts it.

 

[James Smith]

I don't think he'll have a hard time finding another place to live. He's going to walk away from Chapter 7 with either his condo or $125K cash. He can just go put a 50% down payment on another property the same size and get a custom underwriting. Banks will do that if you throw that kind of money around.

 

[Sir Wesley Tailpipe]

I don't think he'll have a hard time finding another place to live. He's going to walk away from Chapter 7 with either his condo or $125K cash. He can just go put a 50% down payment on another property the same size and get a custom underwriting. Banks will do that if you throw that kind of money around.

There’s no chance in hell that Phil is going to get Chapter 7 at this point, and a slim chance he’d be granted Chapter 13 with all the indication of attempted fraud.

 

[johnny5150]

I know he listed all video game consoles as business assets, including one doesn't played on stream but he didn't list one gaming console.. the ouya. he did a set up videos and playthroughs .

 

[PutridElephant]

I know he listed all video game consoles as business assets, including one doesn't played on stream but he didn't list one gaming console.. the ouya. he did a set up videos and playthroughs .

He doesn't have the Ouya anymore

 

[Colloid]

No matter how this filing shakes out I’m looking forward to the mental gymnastics that ensue from it more than anything at this point.

“I’m allowing the state to buy the WA condo since they’re cutting me a good deal for it... No, I never said they wouldn’t take my house fuckin’ idiot.”

“So my idiot lawyer screwed me over by forcing me into a Ch 13, and now this bitch Nancy is saying I have to tell her how much I make every month, and is basically giving me an allowance. It’s bullshit.”

One of the few things Phil’s been consistently good at is finding something to bitch about.

 

[King Daddy Telomerase]

If Phil wanted to, he could easily take that $125k and put it down for a bigger house than the WAkhando in the nicer parts of the Bridgeport area. Even if the worst happens for him, he's still in a great position. We just know he'll fuck up whatever he does.

 

[The Littlest Shitlord]

Losing the house is completely disastrous for Phil in a number of ways. It leads to a bit of a domino effect:

Phil's credit is fucking ruined and his background check is now gonna turn up a lot more interesting shit than it did in 2012 or whenever the fuck he moved. He would have a supremely difficult time landing a mortgage for a place half as nice as the one he's in now. He'd have to downsize significantly in home quality and lifestyle. Further, he would be forced to take time off streaming to find a new place and move all his shit (Whatever remains after Nancy pulls out her strap-on). This for-sure leads to Kat divorcing him since she has no interest in sticking by the pig if he's living in mom's basement searching for a kahndo.

As icing on top, his entire self-image of being a mature adult with a real house goes out the fucking window. It's the worst case scenario and one I really hope to see.

And it's nearly guaranteed, because that's where his money is. Either the trustee makes sure he gets some form of bankruptcy so she can force a sale, or his application gets dismissed and the creditors go after it. None of these people are going to want dink around with a bunch of little statues and shit when there's one big fat juicy pile of money right there, waiting to be taken. That's not how the business world works, they are busy people with many irons in the fire and their time is money. To Phil, Phil is his whole world, but to them, Phil is just another one of many worthless sacks of meat and debt that they will bleed dry before moving on to the next one. The only way he avoids losing the house is if Corona-chan utterly devastates the housing market and wipes out that store of value.