I think what you are trying to say is that his WWE champions account will have more money available.
just one more pull...
just one more pull...DSP's Loan & Savings Company -
- Thread starter neger psykolog
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This right here. A vast majority of his critics said this bankruptcy shit would never go his way...hell, a damn lawyer predicted it not going well. Most of the stuff with DSP is simply wishful thinking.
For those who might be interested, I updated the credit card minimums based on @Synth's point that many minimums are not calculated based on 2% of the debt held any more. The range is now ~$2600-$3200 depending on the APR (I assumed 17%, again based on Synth's suggestion). If anyone has found more submitted docs from the companies showing his actual APRs, please feel free to share.
Is that the minimum payment after or before bankruptcy?
He has no credit card debts (presumably) after his bankruptcy. This was what he was paying before he filed for bankruptcy. What I'm not clear on (maybe @Synth could clarify) is how much of his credit card payments he could claim as a business expense.
Edit: If only interest (so not the 1% part of the minimum) is able to claimed, that would be about $1900 a month at the high end.
architect
kiwifarms.net
This was a personal bankruptcy so the interest charges on the listed credit card debts do not qualify as a deductable business expense.
What could be claimed as a business expense (properly: Ordinary and Necessary Expenses) is any interest that is accrued that is attached to a business expense originally. This comes down to interpretation and how you want to view the whole "I moved to Washington for my business," bullshit he has brought up. If it was ever brought to court, this is where a good lawyer would really help, but the court obviously never gave a rat's ass.
I simply only ever brought up the O&NE shit because people always talked about how his "business expenses" could never be anywhere near $5k/mo, when they actually could've been if you actually looked at what O&NE covered (it's called that, not business expenses). Sure, he probably still lied about shit to just barely slide in under the threshold of qualifying, but I just brought it up because it was always ignored (even by Rekeita) and I felt like it was important, and it kind of is. Lots of shit qualifies that people wanted to conveniently ignore for the sake of the narrative and just being mad at Phil.
So if he spent $10,000 on the move and put it all on credit, he would be able to claim the interest generated each month as O&NE? Do I understand that correctly?
Yes, and the same applies to everything put on credit (or a business loan or whatever else -- any and all interest) that could remotely be argued as being "for the business". He could probably even make a case for his cum dumpster statues by listing them as props or some shit, but, again, that's lawyer-y shit.
Ok, so based on that, his interest payments (based on the most recent balances and assuming 17% APR) were like $1900 or so a month. That could explain the lower months' expenses. That July one, though...
architect
kiwifarms.net
If the loan is listed on his Chapter 7 bankruptcy petition, it's a personal loan and interest payments do not qualify as a business expense. If DSP tried to claim that the interest payments were in fact business expenses then the debts related to those interest payments wouldn't be discharged in a personal bankruptcy.
It doesn't matter. He's sole proprietor. There's essentially no legal distinction between the business and person (and their debts/profits) when you have a sole proprietorship.
architect
kiwifarms.net
Oh shit my bad, you're right. Still, he specifically listed all the unsecured claims (except for his backtaxes) as consumer debt on his bankruptcy petition. I assume he would try to qualify them as business debts if he could, because you automatically qualify for Chapter 7, regardless of income, if more than 50% of your debts are business debts. He wouldn't have had to boost his expenses to get his income under the state median.
Let's say Phil was counting $2.5k-3k in credit card interest as business expenses. Now that his credit card debt has been erased and he doesn't have to pay them anymore, his business expenses would be cut in half, right?
How will this effect his taxes in the future? He has lost $30k in expenses but maintains the same income.
How will this effect his taxes in the future? He has lost $30k in expenses but maintains the same income.
If it was anyone else, I’d say it was eliminating a business deduction. Of course, Phil is just taking the money he was spending on his cards and is buying gacha pulls. I’m sure he’s claiming those as business expenses, so it’s all the same to him.
KingjadVCMP
kiwifarms.net
Phil's hoping to get credit cards again.
That he is still claiming he isn't liquid, after having dumped $3000-4000 per month between his CT condo and credit card debts being wiped AND pushing up to almost $20,000 just from the tips for the vest (on top of cheers, subs, patreon, and youtube), continues to be astounding to me.
Read the first post of this thread. Phil's been pulling down around $12-$14k for the past few months. His personal expenses are about $5000 a month. Let's be generous and give him $1000 of business expenses. The leftover from just the past 2-3 months would be enough to wipe out his owed back federal taxes with some money left over. He could then request a new payment plan for 2019's taxes and start paying them down.
I'm pretty sure one of the reasons he wants to start new lines of credit (he doesn't learn from his mistakes, so the idea of him getting just one is laughably unlikely) is to make it more believable that he's broke and continue obscuring what he spends on gacha. He stopped paying on his credit cards quite some time ago, and he doesn't ACTUALLY have the kinds of expenses per month that would suck up all that extra money, so he HAS to be wasting it SOMEHOW.
As of right now, his biggest expense (if it isn't gacha, which it might be) is for sure going to be the Wakhando mortgage. No matter what the amount is, it HAS to be the rent or gacha sucking up the bulk of his money per month. He doesn't own or do anything that would cause his utility bills to be horrendous, the credit card payments are gone, the second mortgage is gone, there is only so much gin he could drink per day without dying, he doesn't buy enough video games or probably even Blu-Rays every single month for that figure to match the rent, and how expensive could a house plant like Khet possibly be to maintain?
More and more, I start to become convinced that $140k isn't actually that far off from how much his gacha total really is.
As of right now, his biggest expense (if it isn't gacha, which it might be) is for sure going to be the Wakhando mortgage. No matter what the amount is, it HAS to be the rent or gacha sucking up the bulk of his money per month. He doesn't own or do anything that would cause his utility bills to be horrendous, the credit card payments are gone, the second mortgage is gone, there is only so much gin he could drink per day without dying, he doesn't buy enough video games or probably even Blu-Rays every single month for that figure to match the rent, and how expensive could a house plant like Khet possibly be to maintain?
More and more, I start to become convinced that $140k isn't actually that far off from how much his gacha total really is.
How is it even possible he's not liquid after last couple years of begging and wiped debt? Its just so insane. His income has been like grossly over what his earning potential should be for years. He mentioned speaking to a lawyer so I assume he will be billed for that.
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