DSP's Loan & Savings Company -

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That Hedonist Nerd

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Remind me what he could try and do in bankruptcy? I thought there was one version of it that he would have a harder time achieving due to the amount of income he has, but I can't remember.
With chapter 7,you discharge your debts. They just go away. That's hard to qualify for.
Chapter 13 is a debt repayment plan. You pay X per month for 5 years, after which any remaining amount is discharged.

Basically, bankruptcy is saying you have more debt then income and at the current rate you'll never be able to pay it back. So you just discharge your debts. They are no longer yours, no one can come after you for them.

Let me see if I can find some of the stuff the lawyer had is fill out


EDIT:
@actually The first step in bankruptcy is the 'means test'. We didn't pass it, guarantee DSP won't pass it. It's a set of questions that you answer the determines if you can file Chapter 7. Here's a link to NOLO about it including the actual forms.
There's form 122A-2 which is a simple "Here's my income" overview, then there's form 122A-1 which lets you go into more detail - some high earners can qualify for Ch 7 but only under certain situations, like medical bills.

Another advantage of filing bankruptcy is when you do it you are essentially hitting the global pause button. All foreclosures, repossessions, garnishments, etc are stopped. You don't pay your mortgage, car payments, cc payments, etc until after the proceedings are over - some people use it as a way of buying time.
 
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Sparkletor

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Has anyone here ever been in Phil's tax position? What would a monthly payment be? How long could you go without making a payment?
 

actually

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Has anyone here ever been in Phil's tax position? What would a monthly payment be? How long could you go without making a payment?
Yes. Monthly payment is dependent on amount owed and how much you can afford to pay. The other thing is it would depend on whether or nor the IRS set a limit on the timespan Phil has to pay the taxes owed back. When I was in a similar situation, I only had to set a monthly payment based on what I could afford and just pay until the balance was paid off. In terms of missing payments, the IRS can, in theory, go after you if you miss a single payment. Generally, though, they're more likely to assess a small penalty and basically say "don't do it again" since their primary goal is to get the money. If you miss multiple payments, though, you're fucked.

@SoapQueen1 can probably add to this as well in terms of whether Phil can get multiple payment plans (he can't, right?) and any other potential issues.
 
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shekelshoah666

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Has anyone here ever been in Phil's tax position? What would a monthly payment be? How long could you go without making a payment?
I have a friend in a similar position and when they didn't pay for a few months they got forced into having it taken straight off their paycheck. I don't know how it would apply to DSP since his earnings are through so many sources though...maybe Twitch earnings could be directly taken by the IRS but I'm not sure about Paypal.
 
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Phalanx

Racist Cunt
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I think too it is so dependent on what he actually owes, sounds weird I know but hear me out

Say he owes 250k altogether Its actually more including houses and gone over credit cardsso lets say 350k. His earnings are about the same, @actually I have been out the loop for about 5 months in earnings is it looking about the same as last year. I know there has been no major whales yet so that will affect his outcome but if he is making about 100k he is still owing 20k in tax minimum to the IRS plus state taxes.

So my personal bet is he is going to ask to put that on another payment plan but its going to just keep mounting up. Also they could deny him that repayment and ask to actually investigate his spending because in the end if he is earning 100k and not putting it away and going on payment plans the companies usually have a tolerance limit.
 

Kheapathic

♪♫ Lovely weather, dox spree together, with you ♫♪
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Has anyone here ever been in Phil's tax position? What would a monthly payment be? How long could you go without making a payment?
The closest I've been to Phil's position is one year after doing taxes, I got a letter saying "You fucked up, you owe us ~$100." The letter was nice enough to tell me where I fucked up my math, to contact them to sort it out, and that payment plans can be discussed if paying that ~$100 would create a financial hardship. The main thing I took away from it was that the IRS knew exactly what I owed them. So when Phil started doing his "The IRS wants money, but don't know how much I owe" I had to question the truth. Granted, I was employed and he is self-employed and YouTube tax documents are different. But the IRS can do the leg work if they know it's wrong and fix it for you. But instead, oh, he needs to talk to a professional, and pay him, to figure out what the IRS wants. I don't buy it. If the IRS didn't know, they would do the math themselves and figure it out, then send you a letter; or maybe even dispatch an auditor to go over all your tax documents and shit with you. Instead, they wrote a letter saying "We don't know where or how, but you're in the wrong." I don't buy it, shit stinks.
 

That Hedonist Nerd

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The closest I've been to Phil's position is one year after doing taxes, I got a letter saying "You fucked up, you owe us ~$100." The letter was nice enough to tell me where I fucked up my math, to contact them to sort it out, and that payment plans can be discussed if paying that ~$100 would create a financial hardship. The main thing I took away from it was that the IRS knew exactly what I owed them. So when Phil started doing his "The IRS wants money, but don't know how much I owe" I had to question the truth. Granted, I was employed and he is self-employed and YouTube tax documents are different. But the IRS can do the leg work if they know it's wrong and fix it for you. But instead, oh, he needs to talk to a professional, and pay him, to figure out what the IRS wants. I don't buy it. If the IRS didn't know, they would do the math themselves and figure it out, then send you a letter; or maybe even dispatch an auditor to go over all your tax documents and shit with you. Instead, they wrote a letter saying "We don't know where or how, but you're in the wrong." I don't buy it, shit stinks.
Odds are that's the kind of letter Dave got too.
When I underpaid my taxes, I got the same letter. Basically saying "You fucked up. You can either go to www.irs.gov to pay or setup a payment plan or dispute us and show your work - your call". That's about the extent of the 'audit' these days. Rarely does it require a face to face meeting, and even rarer for there to be an audit like we think of them.

Funny thing is if Dave had used a real tax guy to do his taxes and then got that audit, usually the tax people would eat the loss - they guarantee the accuracy.
 

Prince Lotor

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Something else to speculate about: Since Phil & Kathy still seem to maintain themselves as separate financial entities despite being married are they going to file taxes jointly or separately when tax time rolls around? Or is Phil just going to take all her information and dump it on his Tax 'Attorney, CPA, Guy, Whatever' along with his and just tell him to do his magic? Would Kathy even consider not getting a refund to bundle their finances together for tax purposes so they pay less total money as a couple for taxes? Maybe she was counting of her tax return to buy a new gamer toy and will refuse?
 
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Kheapathic

♪♫ Lovely weather, dox spree together, with you ♫♪
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A while ago I posted questioning how Phil maxed out a credit card and spent his entire life savings going to Evo. Well, today we got the answer.

"When you go to Vegas you need to get the fanciest most expensive hotel room you can"

There you go.
And I'm willing to bet EVO didn't have enough clout to get group rates that year. If you stay at the fanciest/most expensive, you're talking the Mandalay Bay... and that's almost $230 for the basic room with group rates. Sure the current prices have gone up since Phil's days; but not as much as you'd think. It's the Bay, they're allowed to charge what they want. Take weekend rates (higher than average) and EVO happens in the summer (peak tourist season). Then he probably ate at all their in house restaurants for every meal (3+ a day). Then got souvenirs and other shit too.
 

Muppetmode

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I wish I marked it down, but Phil recently said he made a big tax payment. Can’t remember if it was during the 11/24 wwe stream or the 11/25 Pokemon stream
 
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actually

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I wish I marked it down, but Phil recently said he made a big tax payment. Can’t remember if it was during the 11/24 wwe stream or the 11/25 Pokemon stream
It came up during his "tour" of his Minecraft village when visiting the tax office he built in the game. (Date 11/25 Timestamped 00:42)
April 15, 2019. June 17, 2019. September 16, 2019. Those are the dates in 2019 for 2019 quarterly tax payments (the last being January 2020). Sounds like Phil hadn't been keeping up with his tax payments and had to scramble. State taxes aren't due until Jan 2020 as well.
 

That Hedonist Nerd

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April 15, 2019. June 17, 2019. September 16, 2019. Those are the dates in 2019 for 2019 quarterly tax payments (the last being January 2020). Sounds like Phil hadn't been keeping up with his tax payments and had to scramble. State taxes aren't due until Jan 2020 as well.
Quarterly tax isn't mandated, it's just a convenience for the business owner. It's especially handy for store fronts with employees and small margins.

Dave's situation is pretty static, there shouldn't be any surprises on what he owes... But we know he'll be surprised
 

SoapQueen1

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whats the year end beg total looking like
It has been low effort so far. He must have convinced Kat to start using some of her income toward the household she lives in.
 
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