Bankruptcy Analysis and FAQ Thread - Informational only

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James Smith

True & Honest Fan
Retired Staff
(added by actually on Feb 2, 2020)

@SoapQueen1 has made an LLP thread specifically for this, so go there to read about the legal implications of the bankruptcy. This thread will just be for information about the
submitted documents and any subsequent changes. Not sure what will happen with the FAQ.

TL;DR Overview
Phil has filed for bankruptcy as of Jan 31st, 2020. He claims business expenses of approximately $5000 a month (including $9000 in July 2019), which is likely bullshit (see spoilers below). The monthly income estimations have been proven to be extremely accurate, with all months failing within (or very close to the range) of the numbers from the DSP Savings and Loan thread. Kat is confirmed to be working part-time retail, currently at Fred Meyer. Based on reported salary, she's working about 20 hours a week. From the filed documents, it looks like Phil is trying to flat out lie to the court. This is going to be broken down in detail below.

Phil's Debts
Federal Taxes = $15,000 (It's not clear if this is just remaining from 2018, or if this includes an estimation of 2019's federal taxes as well. Presumably it's only 2018.
WA Condo = $227,448.00 (30 year apparently fixed 5% interest; started at $251,750 on May 22nd, 2014; amortization schedule can be calc'd here)
CT Condo = $105,890.00
2017 Toyota Corolla = $14,328.00 (with all of 5000 miles put on it :lol:)
American Express CC = $1,128.00
American Express CC = $6,422.00
Bank of America = $26,038.00
BMW Bank of North America = $2,741.00
Capital One CC = $10,751.00
Chase CC = $14,100.00
CitiBank CC = $8,508.00
Citibank CC = $13,885.00
Citibank = $15,601.74
Discover CC = $10,053.00
Lending Club Corporation = $9,397.00
Prosper Marketplace, Inc. = $4,355.00
SYNCB/Sam's = $3,819.00
US Bank = $4,751.54

Total CC/Loan Debt = $131,550.28
All Debt = $479888.28

Accuracy of Monthly Income Estimations

MonthIncome EstimationDSP's Reported Income
July 2019$8,088.80 - $9,776.80$8,219.30
August 2019$10,900.83 - $12,628.83$10,104.07
September 2019$8,065.21 - $9,589.21$8,222.24
October 2019$9,876.88 - $11,428.88$9,864.26
November 2019$8,707.72 - $10,363.72$9,768.23
December 2019$9,273.65 - $10,937.65$9,229.10

@SoapQueen1's Analysis
He's filing under Chapter 7 which requires debtors to liquidate their non-exempt property. DSP can only claim $125K equity in his WA condo and $3,250 in his car are exempt. His own filing indicates he has $345K equity in his WA condo and $16K equity in his car. He would be required to sell both to satisfy the requirements of Chapter 7. I can't think of a situation in which he can reaffirm the mortgage and keep the condo or enter into a modified or reaffirmed agreement to keep the car if he really has this much equity in each.

Not only is there no known argument to back up this reaffirmation of the mortgage, the entire equity calculation is sloppy or a lie to begin with. The filing states Zillow values it at $379K yet Zillow actually values it at $410K. The historical estimated value on Zillow is there for all to see and hasn't been as low as $379K since January of 2016. Redfin and suggest similar units in his gated community are worth $413-414K minimum. This places his initial equity at $279K. The following items then get deducted from that, as far as I know:
  • trustee commissions (something similar to 25% of the first $5K of non-exempt equity, 10% of the next $50K, and 5% of the remainder): $17,450
  • realtor commissions (they claim 9% of the sale price): $36,360
  • amount owed on the mortgage: $227,000
leaving him with $123,190 of equity, all of which is exempt as it is barely below $125K. It seems to me his attorney is desperately trying to prevent this condo from being sold during the bankruptcy. Here's the issue with that: They're already lying about how much Zillow estimates it's worth which reduces their credibility and all it takes is the trustee, judge, or one of his 16 creditors to demand an actual appraisal. If it's worth more, and it probably is considering other units in his gated community have sold for more in the past 6-7 months, he will begin to have non-exempt equity. One source indicates his home is actually worth up to $456K which would leave him with $42,910 in non-exempt equity and result in the trustee selling his condo.

I have no idea how they're planning to exempt his car if he really has this much equity in it. Even after trustee commission it's worth too much.

His business expenses clock in at over $5,000 per month which is nonsense and is likely more lies. Again, all it takes is the trustee, judge, or one of his creditors asking for a detailed statement of these expenses and they will most likely find out he's calling his entire WA condo a business expense and he will lose all credibility because that is a material misrepresentation. The trustee, judge, or a creditor will immmediately demand he correct his bankruptcy filing or just ask that it be dismissed entirely. If he's telling the IRS his entire condo is a business expense that's actually hilarious tax fraud and they will find out about it eventually.

He is claiming he owns no electronics and no collectibles which is almost certainly a lie, but doesn't probably affect anything other than his credibility because it would all be exempt anyway.


  • Bankruptcy Petition.pdf
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  • Monthly Income and Expenses Statement.pdf
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  • CounselingCertificate.pdf
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  • Filing_Fee_installment.pdf
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  • Phil's Property Detail Report.pdf
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Local Moderator
True & Honest Fan
For any questions regarding the legal side of the bankruptcy, read the LLP thread soapqueen made.

Shit Phil's Currently Lying about or has wrong in his Submitted Documents

1) That he doesn't have a cat.



(Insert your favorite horse joke here)

2) That he has no collectibles (credit to @Nigel of Ukip for some of the video links).

3) That he has no electronics.

See the "tour" video posted for #2. He has a TV in the living room, a TV in his bedroom, and the TV he actually plays games on. He has a PSVR, PS Vita, Nintendo 3DS, PS3, PS4, PS4 Pro, WiiU, Wii, Switch, Xbox 360, and at least 2 desktop PCs and a laptop. In addition, he has at least one iPad and his iPhone.

4) That he currently lives in a single family home.

Redfin lists it as a condo, as does

There's also the fact that his actual address is at Unit #30.

5) That the house is valued at $379,000 (after 9% cost of sale fee) on Zillow, which would value the condo at $413,110.

Zillow does not even have a fucking listing for the address given.
Redfin lists the estimated sale price at $408k-$450k, with a current value of $428,500. doesn't really give a price for the condo itself, but lists the median sale price at $420k. lists the median price per square foot at $250. The condo is listed at 1,610 sq. ft, so their price would be about $402,500.
Movoto lists their expect price at $425,000.

6) That he doesn't run a business as a sole proprietor.

The state of Washington is going to be very surprised to hear that (


7) That he doesn't have a paypal account. A modification of the filing has now listed the Paypal account. (Mar 2, 2020: he has two Paypal accounts)

An empty savings account and a checking account from BoA are listed. Based on the amended filing, his Paypal was (allegedly) empty at the date of the first filing.
Paypal on Youtube was From this post, the "new" Paypal is Based on the amended filing, it's not clear if he's listing two separate accounts or the status of the same account both at the time of the original filing and the time of the amended filing.

8 ) That he doesn't have health or homeowner's insurance.

I'm sure the WAkhando mortgage holder will be interested to know about that.
Needs those tips to pay for that health insurance he doesn't have.

9) That he only made gross income $56,711.21 in 2019 and $78,204.00 in 2018.


These numbers for half the year add up to a GROSS INCOME of $55,407.20 for the 2nd half of 2019. Make a lazy assumption of roughly the same for the 1st half of the year, and his gross income for 2019 should be more like $110,814.40. Phil doesn't know the difference between net income and gross income. Some finance major.

10) That he has no trademarks, domain names, or websites. (Credit to @tzgnilki for pointing this out)

Has an active trademark on DSPGaming. Has website where his tumbleweed forums are (down as of Feb 2, 2020).


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Local Moderator
True & Honest Fan
DSP's Actual Credit Card Balances and Estimated Minimums
These are estimated from claims made by the credit card / loan holders. Documents are attached as needed. Credit to MrHuth on Twitter for digging the claim documents up.
Debt Holder​
Most recent APR%​
Estimated Minimum​
Credit Limit​
Discover Bank​
$193 (2%) / $272 (1% + interest)​
Amex Blue Cash​
$42 (4%) / $26 (1% + interest)​
Amex Everyday​
$138 (~2%) / $179 (1% + interest)​
Citibank #1​
$278 (Assumes 2%) / $336 (1% + 17% APR interest)​
Citibank #2​
$312 (Assumes 2%) / $377 (1% + 17% APR interest)​
Citibank #3​
$170 (Assumes 2%) / $206 (1% + 17% APR interest)​
Bank of America​
$521 (Assumes 2%) / $629 (1% + 17% APR interest)​
BMW Bank of NA​
$55 (Assumes 2%) / $66 (1% + 17% APR interest)​
Capital One​
$215 (Assumes 2%) / $260 (1% + 17% APR interest)​
$282 (Assumes 2%) / $340.75 (1% + 17% APR interest)​
Lending Club​
$188 (Assumes 2%) / $227 (1% + 17% APR interest)​
Prosper Marketplace​
$87 (Assumes 2%) / $105 (1% + 17% APR interest)​
Sam's Club​
$76 (Assumes 2%) / $92 (1% + 17% APR interest)​
US Bank​
$95 (Assumes 2%) / $115 (1% + 17% APR interest)​

Current estimated monthly minimum total = $2,652 - $3230.75.​
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