DSP's Bankruptcy Pipe Dream - Spoiler: It's not saying "I'm not paying" like he thinks it is.

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SoapQueen1

speed bump, failed business, retired tism wrangler
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TL;DR
  1. DSP won't qualify for a full vacation of his debt through a Chapter 7 bankruptcy proceeding.
  2. DSP will have a hard time qualifying for a partial vacation of his debt through a Chapter 13 bankruptcy proceeding because his income is (according to DSP) barely enough to make minimum payments without saving up for income taxes, much less with an assumed IRS payment plan and Chapter 13 payment plan.
  3. DSP would have to stick to a Chapter 13 payment plan for 3-5 years before his debt is partially vacated
  4. DSP would be required to apply all of his disposable income- defined by the COURT as approximately $5K a month- toward unsecured debt (credit card and personal/business loans) for the entirety of the payment plan

Assumptions:
  • DSP earned an average of approximately $10,100 per month over the last six months
    • This number comes from the monthly round-ups @actually did
  • DSP is not claiming Kat as a dependent
    • I doubt DSP claimed either Leanna or Kat as a dependent
  • DSP is paying approximately $1300 per month toward each mortgage
    • I think this is accurate based on amortization calendars with various interest rates and periods
  • DSP is paying off an approximately $20,500 auto loan for the Corolla at 4% interest with a 60 month period
    • I don't know how much of a down payment DSP placed so the loan was probably less
  • DSP will end up on a payment plan for approximately $16K in federal income taxes
    • Two years in a row DSP has made comments indicating this is accurate
  • DSP is paying approximately $255 per month for a bronze state marketplace health insurance plan
    • I assume DSP is paying the bare minimum above catastrophic coverage
  • DSP would attempt to discharge all but his WA condo and Corolla debt in a Chapter 13 bankruptcy filing
    • I see no reason for him to keep the CT condo
  • DSP has approximately $150K in unsecured (credit card and personal/business) loan debt
    • This is based on his earlier comments that he could reduce his payments by $2500 per month and his more recent comment that he had two loans that would be paid off in the next couple of years that would free up $1K per month. In order to have $3500 per month in payments he has to have an absolute fuckton of unsecured debt. This seems to be a reasonable assumption based on a 2-4% interest rate on $100K of credit card debt and a 6% interest rate on $50K of personal/business loan debt
715067715068715069715070715071715072715073715074715075

Food for thought: If DSP declared bankruptcy the court/trustee very well might expect him to sell that car. He factually does not drive it and his non-spouse, non-dependent live-in girlfriend using it would not likely convince a court it was just to allow him to sit on a probably $10K asset while claiming he can't pay his debt. The court/trustee would be well within its authority to tell him "If she needs it, she can buy it from you."
 

SoapQueen1

speed bump, failed business, retired tism wrangler
True & Honest Fan
Retired Staff
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Wait, did he say he was planning on filing bankruptcy?
He has repeatedly implied he'd file for bankruptcy before moving back to CT.

He has also demonstrated he thinks bankruptcy is as simple as telling cherry-picked creditors "I can't afford it so I'm not paying, leave me alone," and being done with it.
 

That Hedonist Nerd

dreN tsinodeH ehT
kiwifarms.net
He has repeatedly implied he'd file for bankruptcy before moving back to CT.

He has also demonstrated he thinks bankruptcy is as simple as telling cherry-picked creditors "I can't afford it so I'm not paying, leave me alone," and being done with it.
Ah ok. I always assumed he was just trying to get money out of folks with those threats. I get the feeling he doesn't think things through, and doesn't proceed with something unless it's easy. Meaning, bankruptcy takes time and money - can't be spur of the moment.

Not to mention, if he does file for bankruptcy, this is us; contacting the bankruptcy trustee before the 341 meeting I'm sure we could convince them to object to discharge.

I wanted to do periodic scrapes of the court cases in Renton, but damn captcha.
 

SmileyTimeDayCare

kiwifarms.net
TL;DR
  1. DSP won't qualify for a full vacation of his debt through a Chapter 7 bankruptcy proceeding.
  2. DSP will have a hard time qualifying for a partial vacation of his debt through a Chapter 13 bankruptcy proceeding because his income is (according to DSP) barely enough to make minimum payments without saving up for income taxes, much less with an assumed IRS payment plan and Chapter 13 payment plan.
  3. DSP would have to stick to a Chapter 13 payment plan for 3-5 years before his debt is partially vacated
  4. DSP would be required to apply all of his disposable income- defined by the COURT as approximately $5K a month- toward unsecured debt (credit card and personal/business loans) for the entirety of the payment plan
Assumptions:
  • DSP earned an average of approximately $10,100 per month over the last six months
    • This number comes from the monthly round-ups @actually did
  • DSP is not claiming Kat as a dependent
    • I doubt DSP claimed either Leanna or Kat as a dependent
  • DSP is paying approximately $1300 per month toward each mortgage
    • I think this is accurate based on amortization calendars with various interest rates and periods
  • DSP is paying off an approximately $20,500 auto loan for the Corolla at 4% interest with a 60 month period
    • I don't know how much of a down payment DSP placed so the loan was probably less
  • DSP will end up on a payment plan for approximately $16K in federal income taxes
    • Two years in a row DSP has made comments indicating this is accurate
  • DSP is paying approximately $255 per month for a bronze state marketplace health insurance plan
    • I assume DSP is paying the bare minimum above catastrophic coverage
  • DSP would attempt to discharge all but his WA condo and Corolla debt in a Chapter 13 bankruptcy filing
    • I see no reason for him to keep the CT condo
  • DSP has approximately $150K in unsecured (credit card and personal/business) loan debt
    • This is based on his earlier comments that he could reduce his payments by $2500 per month and his more recent comment that he had two loans that would be paid off in the next couple of years that would free up $1K per month. In order to have $3500 per month in payments he has to have an absolute fuckton of unsecured debt. This seems to be a reasonable assumption based on a 2-4% interest rate on $100K of credit card debt and a 6% interest rate on $50K of personal/business loan debt
View attachment 715067View attachment 715068View attachment 715069View attachment 715070View attachment 715071View attachment 715072View attachment 715073View attachment 715074View attachment 715075

Food for thought: If DSP declared bankruptcy the court/trustee very well might expect him to sell that car. He factually does not drive it and his non-spouse, non-dependent live-in girlfriend using it would not likely convince a court it was just to allow him to sit on a probably $10K asset while claiming he can't pay his debt. The court/trustee would be well within its authority to tell him "If she needs it, she can buy it from you."
150k in fucking credit card and "business" debt?

Dude how? HOW do people let that shit happen to them?

Also did he buy that Corolla new? I bet he did. There's a good way to burn a few thousand the second you sign the papers.
 

Phil Factor

B.A. in Business
kiwifarms.net
Also did he buy that Corolla new? I bet he did. There's a good way to burn a few thousand the second you sign the papers.
Leans in

Uhhh, no SmileyTimeDayCare. You don't understand, it's called an EKAHNAMY kahmpackt vehicle.

You don't burn money on a NEW car, it's a NEW car.

I LEASED a BMW, I know. BMW is super expensive German nonsense but Toyotuuh is from China so you know it's engineered for affordability ackackack.

Thank you for the 50 bit cheer.
 
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chicken wings

Certified Instagram Dietician
kiwifarms.net
He has repeatedly implied he'd file for bankruptcy before moving back to CT.

He has also demonstrated he thinks bankruptcy is as simple as telling cherry-picked creditors "I can't afford it so I'm not paying, leave me alone," and being done with it.
The usual DSP shortsightedness. Bankruptcy is going to fuck his credit score into oblivion. I hope Kat doesn't mind putting everything under her name if heaven forbid they do decide to settle down.
 

Radical Goodspeed

kiwifarms.net
The usual DSP shortsightedness. Bankruptcy is going to fuck his credit score into oblivion. I hope Kat doesn't mind putting everything under her name if heaven forbid they do decide to settle down.
Kat, I assume isn't so shortsighted. If we take the popular explanation that shes only with Phil for financial convenience than genuine affection.

Popular opinion is she's not so naive as to stick with Phil once the gravy train derails. Panda was more likely before Phil made her grow up.

Phil will be the one dumbstruck when Kat, for some inexplicable reason, doesn't want to torpedo her credit score for Phil, assuming she lasts long enough for bankruptcy to be a serious path forward.

She will find her next mark, and Phil will say there was nothing he could do. Prestreams will include complaints that he wants a gf to pay her (his) own way.

Then the next girl, if he manages to find one, will explicitly be picked in the hopes she's too financially ignorant to notice Phil using her credit score. So back to poaching highschoolers.
 

waffle

kiwifarms.net
Yeah, Phil's problem with a 13 is going to be showing enough "Regular Income" to qualify for a ch13 plan that the trustee and court will approve. His donations are probably no consistent enough to show much at all.
 

((CH3)2Hg)

kiwifarms.net
It should also be said that Phil will almost certainly fail a Chapter 13. Roughly 70% of all Chapter 13 bankruptcies end up failing when regular people are doing them. Phil however is a man who seems to genuinely think nothing negative that has ever happened to him is in any way his fault and staunchly refuses change any aspect of his habits or behaviors. The plan he'd be put on would be entirely dependent on him managing his money in a way he's never done ever. He has repeatedly shown he has no fiscal restraint, and this plan requires you develop and exercise it for years straight. Success in a Chapter 13 depends on changing the habits that likely landed you in a filing to begin with and I just don't see Phil being capable of that. Finally, if he deviates in any way or refuses to comply once he's on the court agreed plan the Chapter 13 would be dismissed, likely with prejudice, he couldn't refile for another Chapter 13 on the debts he has now, and would lose any protections the court may give him from his creditors while in bankruptcy.
 

JamFlowMan

kiwifarms.net
Kat, I assume isn't so shortsighted. If we take the popular explanation that shes only with Phil for financial convenience than genuine affection.

Popular opinion is she's not so naive as to stick with Phil once the gravy train derails. Panda was more likely before Phil made her grow up.

Phil will be the one dumbstruck when Kat, for some inexplicable reason, doesn't want to torpedo her credit score for Phil, assuming she lasts long enough for bankruptcy to be a serious path forward.

She will find her next mark, and Phil will say there was nothing he could do. Prestreams will include complaints that he wants a gf to pay her (his) own way.

Then the next girl, if he manages to find one, will explicitly be picked in the hopes she's too financially ignorant to notice Phil using her credit score. So back to poaching highschoolers.
She already left one boyfriend for Phil. If from the moment she showed up at his door he has been selling her a similar bill of goods as his fans (taxes, debt, etc) she probably started texting some other lonely naïve man with a spare room available as soon as possible.
 

Prince Lotor

It's my fucking day off! What?
kiwifarms.net
I had been wondering a couple months ago what length of payment plan DSP had bought his car under, but was too lazy to look. Did Phil himself say that it was a 60 month payment plan, or is this assuming that obviously he would take the longest payment option possible so he would have the lowest monthly payments. . .and end up paying the highest amount possible over the sticker price?

I had been thinking if he had been on a 24 month payment plan it would have cost a bit more than $600 a month and he would be close to owning the car now, but it makes more sense that he would pick the payment plan that costs less than he overpays for internet per month so that he has the potential to get that shit repo'ed if his income takes a dip before 2022.
 

Phil Factor

B.A. in Business
kiwifarms.net
I had been wondering a couple months ago what length of payment plan DSP had bought his car under
Can't pull exact quotes on the Corolla but he's definitely talked about monthly payments when shopping for cars. His logic was 'if I'm not paying more per month that means that more money is freed up!' with little regard to the total debt he takes out in his name, as we're all aware.

Based on recent streams, debt = basic bills and basic bills = life. Loan officers will always work their magic for him to find a monthly payment he's happy with.
 

SoapQueen1

speed bump, failed business, retired tism wrangler
True & Honest Fan
Retired Staff
kiwifarms.net
Yeah, Phil's problem with a 13 is going to be showing enough "Regular Income" to qualify for a ch13 plan that the trustee and court will approve. His donations are probably no consistent enough to show much at all.
In getting to the $10,100 six-month average his low months (multiple of them) were as little as $6K. I agree it's pretty hard to believe he'll get approved for a Chapter 13 payment plan.
I had been wondering a couple months ago what length of payment plan DSP had bought his car under, but was too lazy to look. Did Phil himself say that it was a 60 month payment plan, or is this assuming that obviously he would take the longest payment option possible so he would have the lowest monthly payments. . .and end up paying the highest amount possible over the sticker price?

I had been thinking if he had been on a 24 month payment plan it would have cost a bit more than $600 a month and he would be close to owning the car now, but it makes more sense that he would pick the payment plan that costs less than he overpays for internet per month so that he has the potential to get that shit repo'ed if his income takes a dip before 2022.
The payments have to be less than the BMW or he wouldn't have downgraded so it has to be a fairly long term loan. I don't have any proof of how long it is though.
 

SoapQueen1

speed bump, failed business, retired tism wrangler
True & Honest Fan
Retired Staff
kiwifarms.net
Here is an example Chapter 13 bankruptcy filing for the jurisdiction DSP lives in, for the curious. This example proceeding took over a year to finish by the way. Chapter 7 can be a very quick process, Chapter 13 isn't.
 

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MoonRocker

kiwifarms.net
YouTube's deep learning is catching on. Right above a Phil video was an ad that said "what happens when you don't pay your mortgage?" when I looked today.
Funny you mention that, I was getting a lot of ads for gout medicine watching Snort Burnell videos. Gave me a good chuckle.

Quick question about Phil's finances: who has the breakdown on what the fuck he spends his $6,000 - $10,000 monthly income on?

I also have a lot of debt (student loans and other stupid shit when I was younger), but my income is significantly higher than DSP's and I'm able to live very comfortably even after I pay all my debts and the ridiculous rent I pay where I live.

Would be really curious as to where he funnels all his money.
 
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