DSP's Loan & Savings Company

[actually]

EDIT: It looks like Washington has a $125K homestead exemption which says it applies to your primary residence, so he won't be forced to sell the WA condo. $125K refers to the amount of equity he has in it, not its value. He doesn't have anywhere close to that much equity in it.

Ok, but if he's not forced to sell the WA residence, where is the money going to come from? The CT condo is his only other major asset, and it's underwater on its mortgage. The WA condo is clearly the answer to collecting on debts, and the CT condo is habitable.

Is this a case where whoever was administering the bankruptcy would remind him that while he doesn't technically have to sell the property, he would achieve maximum tardation by not doing so?

 

[James Smith]

Ok, but if he's not forced to sell the WA residence, where is the money going to come from? The CT condo is his only other major asset, and it's underwater on its mortgage. The WA condo is clearly the answer to collecting on debts, and the CT condo is habitable.

Moving back to CT is the right decision but my understanding is that no one can legally force him to do it. "Where is the money going to come from?" He's just going to have less money than he potentially could. That's his decision; if he wants to screw over his creditors by refusing to move and use the proceeds to pay them, that's his choice.

 

[actually]

That's his decision; if he wants to screw over his creditors by refusing to move and use the proceeds to pay them, that's his choice.

Would the bankruptcy actually go through? Seems like it would be difficult for creditors to sit back and watch someone who could get them their owed money refuse to do so for no reason other than ego and just let it go. But again, I don't know shit about bankruptcy, so maybe that's what could happen.

 

[James Smith]

Would the bankruptcy actually go through? Seems like it would be difficult for creditors to sit back and watch someone who could get them their owed money refuse to do so for no reason other than ego and just let it go. But again, I don't know shit about bankruptcy, so maybe that's what could happen.

Exemptions are exemptions. You can't be forced to sell something to satisfy your debt if it falls under an exemption. WA has an insanely generous homestead exemption (second probably only to Florida whose exemption is infinite; got $100K in debt and a $5 million dollar mansion? Not a problem bro, debt forgiven since you don't have anything to sell.)

 

[Eugene Drizzledick]

From what I've read, even without an exemption in other states, a bankruptcy won't leave you without a place to live. This is a unique scenario with Phil owning a 2nd house across the country that's doing nothing.

I'm sure he's been advised many times that he's owning a house he can't afford and his financial decisions are insanely retarded, but we know how Phil takes such advice.

 

[James Smith]

From what I've read, even without an exemption in other states, a bankruptcy won't leave you without a place to live.

Some states have lower exemptions. If you have a lot of equity in a house you could totally be forced to sell your primary residence and find some other place to live.

 

[James Smith]

Listening to DSP's bankruptcy rant.

To the tune of: "You told me I qualified and did all the work and now I don't, dood?"

I'll give it to Phil, the first time he's ever genuinely made me smile is hearing him bitch about not being able to qualify for a refi. Also, the implication that simply filling out an application is too much work for him.

This brings up something I wanted to say and forgot about. I don't think he was told he didn't qualify for a bankruptcy. I think he was told he doesn't qualify for a refinance. He says he was told this by some nebulous "bank."

It's highly unethical for a creditor to claim you don't qualify for a bankruptcy; I'd even go so far as to say it's probably illegal. If he went to someone he owes money to and asked them if he qualifies for a bankruptcy he's an idiot. No creditor is going to tell you "Why yes, you probably can get out of paying me."

 

[marlintan]

This brings up something I wanted to say and forgot about. I don't think he was told he didn't qualify for a bankruptcy. I think he was told he doesn't qualify for a refinance. He says he was told this by some nebulous "bank."

It's highly unethical for a creditor to claim you don't qualify for a bankruptcy; I'd even go so far as to say it's probably illegal. If he went to someone he owes money to and asked them if he qualifies for a bankruptcy he's an idiot. No creditor is going to tell you "Why yes, you probably can get out of paying me."

I feel like he has admitted to knowing he doesn't qualify for a HELOC in the recent past...

If anything, he was told that he got denied for a new credit card to kite his bills on.

 

[Synth]

I feel like he has admitted to knowing he doesn't qualify for a HELOC in the recent past...

If anything, he was told that he got denied for a new credit card to kite his bills on.

What about a smaller lender coming to collect on something? Was thinking it's possible he gave the usual contact information and tried to instruct that the primary way to contact him is through e-mail and that's why he sperged out about them not doing their job correctly. So after months go by and they get no response from him, they send him physical mail and he gets it when he collects his mail twice a week and realized that he's accrued interest on what he owes.

I think there's two different things that are bothering him, with the thing he ranted about during the BlackGout stream being separate from the "behind the scenes" thing that he still hasn't told us about. He said something like, "For instance, today, something that happened--" and was way too straightforward for it to be the same thing he hasn't been telling us about.

 

[Eugene Drizzledick]

Shouldn't Phil be getting sued by credit card companies by now? Or whatever his credit debts are in? Chris Chan has many times.

I'm clueless on these things as a boring guy that has one credit card I always pay the balance on.

 

[That Hedonist Nerd]

Man you guys are vicious, love it.

Powerlevel: I'm going through Chapter 13 bankruptcy right now. It's not a huge bankruptcy, it's mainly to consolidate and strike some things.

Attached is the bankruptcy workbook we have to fill out for the lawyer.

Just a few things to keep in mind:

1. It's not all or nothing. You can choose what is included in the bankruptcy proceeding - depending on which version you file.
2. You won't lose your house, your cars, etc unless you want to.
3. The second bankruptcy is filed, everything stops. Any repossessions, lawsuits, lens, garnishment - they stop. And so should all calls
4. The lawyer fills out this worksheet that's called the "Ways and Means", it calculates how much money is left at the end of the month.
5. That calculation includes allowances for clothing, gas, car maintenance, utilities, etc. It won't get you wearing Gucci, but it's enough you won't be naked
6. This is for Chapter 13: Whatever is calculated as extra is what you pay to the bankruptcy administrator. Every month for 5 years.
7. So if you have 100$ extra, you pay the admin that every month for 60 months
8. That amount is spread out to all of the creditors that claim interest.
9. Yes, that's right, if you have $900,000 in debt but can only pay $100/month, you'll pay the admin $6000 total
10. After 5 years, the debts are discharged. You're done. It's all good.
11. Bankruptcy doesn't always destroy credit - the general rule of thumb is, post bankruptcy your credit score will be about 670. So if you're below that now, ii'll improve it actually.

 

[James Smith]

Shouldn't Phil be getting sued by credit card companies by now? Or whatever his credit debts are in? Chris Chan has many times.

I'm clueless on these things as a boring guy that has one credit card I always pay the balance on.

I don't know this from experience but generally speaking a lawsuit can be avoided by just answering your phone when they call and keeping in contact with them. As long as they're getting some money they'll more or less stay out of the courtroom.

The maximum monthly income you can have while still qualifying for a Chapter 7 bankruptcy in Washington is some odd $6,530. DSP probably toes that line that most months and he definitely exceeds that for the last six months (which is what the courts care about.)

See this thread for more details on DSP's potential bankruptcy situation.

 

[marlintan]

What about a smaller lender coming to collect on something? Was thinking it's possible he gave the usual contact information and tried to instruct that the primary way to contact him is through e-mail and that's why he sperged out about them not doing their job correctly. So after months go by and they get no response from him, they send him physical mail and he gets it when he collects his mail twice a week and realized that he's accrued interest on what he owes.

I think there's two different things that are bothering him, with the thing he ranted about during the BlackGout stream being separate from the "behind the scenes" thing that he still hasn't told us about. He said something like, "For instance, today, something that happened--" and was way too straightforward for it to be the same thing he hasn't been telling us about.

The way I see it, he wouldn't keep such a juicy bait for donations hidden, if it were something as serious as his home, or anything like that... His choice of ambiguous language is not likely due to him feeling like his fans are tired of hearing the same old shit, as we all know he will keep regurgitating the same old tired problems ad nauseam.

I think the ambiguous language was chosen because the "behind the scenes" issues are due to his ineptitude, and he really doesn't want to admit it, i.e. he let a promotional rate on one of his cards expire, and now he owes interest on the full balance... one of those 0% APR for 12 months and 23% after... he was slacking on kiting his balance, and has to pay the piper.

This is all conjecture, and I'm a faggot, so take it with a grain of salt.

 

[DiabeticSP]

Didn't Phil spend all December bitching he needed to get his yearly income UP so he could consolidate mortgage/home loans?

Is it more likely that that's fucking him now than him filing bankruptcy?

Or. That he consolidated loans, realized its fucked him, and now he's trying to weasel out of it?

 

[actually]

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

It's difficult to truly pin down because so much of his expenses are (probably) wrapped up in his loans/CC debt where monthly payments are unknown. His two condo mortgage payments, based on his claims (so take with a big grain of salt) are ~$1500 each. His electricity + water was ~$150 courtesy of the mrstupid1 leaks. His two internet lines are ~$300 as I recall. He has the WWE network, hulu, and netflix (I think?) at $10 / month. He claims to have dropped PSVue, but that was only recently and was ~$50 a month. Car payment is a guess, but I think people have ballparked it to like $200-300 a month.

Add to that his food costs (maybe $400-600 a month, including Kat?), games he buys, his monthly 2018 federal tax payment, and the total of his CC/loan payments. I'm probably forgetting some items, but I know we've come up with estimates before, and I want to say it was in the $6000-$7000 range, even before all his more recent issues with the 2018 federal taxes.

 

[Sparkletor 2.0]

It's difficult to truly pin down because so much of his expenses are (probably) wrapped up in his loans/CC debt where monthly payments are unknown. His two condo mortgage payments, based on his claims (so take with a big grain of salt) are ~$1500 each. His electricity + water was ~$150 courtesy of the mrstupid1 leaks. His two internet lines are ~$300 as I recall. He has the WWE network, hulu, and netflix (I think?) at $10 / month. He claims to have dropped PSVue, but that was only recently and was ~$50 a month. Car payment is a guess, but I think people have ballparked it to like $200-300 a month.

Add to that his food costs (maybe $400-600 a month, including Kat?), games he buys, his monthly 2018 federal tax payment, and the total of his CC/loan payments. I'm probably forgetting some items, but I know we've come up with estimates before, and I want to say it was in the $6000-$7000 range, even before all his more recent issues with the 2018 federal taxes.

Nice, but don't forget phone bill, health insurance, auto insurance, monthly condo association fees, his monthly garbage bill (he has at least 4 trash containers you rent from the disposal company), and his Brazzers sunscription.

 

[LiquidCancer]

Fast food is expensive

 

[actually]

Nice, but don't forget phone bill, health insurance, auto insurance, monthly condo association fees, his monthly garbage bill (he has at least 4 trash containers you rent from the disposal company), and his Brazzers sunscription.

Ooh yeah. Thanks for pointing those out.

Fast food is expensive

So is eating out for all 3 meals at least 4x a month, as Phil talks about doing during MUH DAY OFF (TM).

 

[Eugene Drizzledick]

We know he plays or played mobile games in the past. WWE Supercard and DB Battle Dokan.

Someone with no regard for the value of money can piss away a lot of it whaling.

WWE Supercard is one of the worst pay-to-win games. Competitive players waste THOUSANDS per month. I can see Phil being one of them.

 

[LostMy1stAccount]

WWE Supercard is one of the worst pay-to-win games. Competitive players waste THOUSANDS per month. I can see Phil being one of them.

Didn't he post on the WWE Supercard forums that he spent hundreds of dollars a week?