DSP Thread: Bugged Forum mechanics

[da PAC Nigguh]

Taxes you owe the government cannot be discharged in chapter 7.

They don't seem too hot on actually collecting them, though. I'll never take any burger's bitching about the IRS serious ever again. Seeing Phil bullshit his way around paying on time for years is surreal for a German.

I don't think any of Phil's tax bullshit is federal. IRS doesn't give a shit about his Washington state business taxes.

[Kugelfisch]

I don't think any of Phil's tax bullshit is federal. IRS doesn't give a shit about his Washington state business taxes.

So Washington state is a rinky dink shanty state that enforces it's taxes with the authority of a nerd begging you to flush the toilet you're holding his head in just once. Got it. Absolutely pathetic.

[da PAC Nigguh]

Who knows. Personally I don't believe hos tax shit anyway and think he just blows it up to get donations.

[Kugelfisch]

Who knows. Personally I don't believe hos tax shit anyway and think he just blows it up to get donations.

I just find it so unbelievable because if this was entirely unusual many would've called it out ages ago, no? I've got no clue about your national or state tax law. I just know how it's here and that it's utterly impossible to just push back paying business taxes. There are few exceptions but none apply to a one-man operation that has no real expenses.

That he got the kind of bankruptcy he wanted is also baffling. Do you guys have bank secrecy in the USA?

[RedLine]

We have several different "chapters" of bankruptcy in the US. With C7 being the most common, easiest to get approved, and most severe.

What it means for DSP is that he can keep the following:
>up to $6,000 in cash (roughly, there are some rules about where it can be saved).
>up to $10,000 in business assets
>up to $3,500 in clothing
>up to $6,500 in home furnishings
>up to $3,500 in books, media, and basically anything else he wants.
>a computer and a cell phone

Anything beyond this would be sold to pay off his debts. Any discharged debt that isn't met by the sale of the items is totally forgiven.

Now with vehicles you can only protect up to $3,500 in equity. So if you take a loan on a $60k Mercedes and declare bankruptcy the next day, they won't take your car because it is worth less than the loan. However, the $60K isn't forgiven in bankruptcy because it is a special type of debt and if you stop paying it the lien-holder can still repossess it. If he owns a vehicle outright though that was worth more than $3,500 or if his car is worth $3,500 more than a loan balance they could force the sale to pay off debts (but he would get to keep $3,500 from the sale).

Houses work in a similar way where he can protect up to $125,000 in equity in his primary residence although trustees won't force the sale of a home in all circumstances anyway. If he has a mortgage it is still active and if he stops paying it it can still be foreclosed on.

His credit and insurance will be fucked for the next 10 years. Taxes won't be forgiven but without this guy having a real job and being bankrupt I'm not sure how hard a state will go after anything.

[Guest]

Phil is either a Jew or a Jew pawn. There is no other way he got away with this then having the backs of those whose names Echo

[MegaNigger]

So many stupid niggers are going apeshit over this shit when nothing is finished yet. Give it at least 2-3 more court filings so we can see how it will shake down.

Is it halftime, Ty?

[Guest]

[Kugelfisch]

What is this? A Spergetta video that's short without superberries where he holds an L? He should be sober more often.

[mad bum]

The only good thing to come from this is the retard that bought a good chunk of his debt literally wasted his money.