Alexei Volkov
The Plastic Merchant (TPM) was a gift card aggregator that filed for bankruptcy in October 2019. The company owed money to a number of people, with one individual losing ~$90k. There are also suggestions that TPM under-reported his debts, with one person claiming they were owed ~$10k, despite bankruptcy filings listing the amount as ~$1,500.
| Characteristics | Values |
|---|---|
| Amount owed to the IRS | $0 |
| Amount owed to one individual | ~$10k |
| Amount owed to another individual | ~$600 |
| Amount lost by the majority of TPM sellers | ~$1k |
| Amount lost by one individual | ~$90k |
| Amount lost by another individual | ~$200 |
What You'll Learn
The Plastic Merchant's bankruptcy
The Plastic Merchant (TPM) filed for bankruptcy in October 2019. The bankruptcy documents showed that TPM owed huge sums to some people. While the majority of TPM sellers lost around $1k, one individual lost ~$90k. One source states that they lost $200, while another says they were owed $1,500, but according to their calculations, it was actually ~$10k. Another source states that TPM owed them $600, according to their calculations, despite the bankruptcy filing saying it was less than $200.
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People owed money by TPM
The Plastic Merchant (TPM) filed for bankruptcy in October 2019, owing money to a number of people. The exact amount owed is unclear, with some sources claiming that TPM owed them $1,500, $10,000, $600, or $200. One individual lost ~$90k. The debts were discharged under Chapter 7 Bankruptcy, meaning creditors named in the documents can't come after TPM for money owed.
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TPM's poor job of paying taxes
The Plastic Merchant (TPM) filed for bankruptcy in October 2019, owing huge sums to people who would likely have difficulty recovering the money. While the majority of TPM sellers lost around $1k, one person lost $90k. There are also suggestions that TPM did a poor job of paying taxes since 2017 and grossly under-reported his debts. For example, one person claimed that TPM owed them $600, but the bankruptcy filing listed the amount as less than $200. Another person said they were owed $10k, but the bankruptcy filing listed the amount as $1,500.
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TPM's bankruptcy lawyers under-reporting debts
The Plastic Merchant (TPM) filed for bankruptcy in October 2019, listing huge sums owed to people who would likely struggle to recover the money. While the majority of TPM sellers lost around $1,000, one individual lost $90,000.
There are suggestions that TPM and his bankruptcy lawyers under-reported his debts. One source states that their name showed up in the filing, with TPM owing them less than $200, when in fact, the figure was closer to $600. Another source claims that they were owed around $10,000, but the bankruptcy filing listed the amount as $1,500.
TPM was a gift card aggregator and had a history of delayed payments and lame excuses for them.
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People who lost money with TPM
The Plastic Merchant (TPM) filed for bankruptcy in October 2019. While the majority of TPM sellers lost around $1k, one individual lost $90k. One source states that they were owed $10k, while another says they lost $200.
TPM owed huge sums to some people, and it is likely that they will struggle to recover from the amount TPM owed them.
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Frequently asked questions
The Plastic Merchant (TPM) owed people huge sums of money, with one person losing ~$90k.
The Plastic Merchant listed $0 owed to the IRS in bankruptcy documents, but it is likely that he paid them off before filing for bankruptcy.
Yes, it appears that The Plastic Merchant and his bankruptcy lawyers grossly under-reported his debts.
The Plastic Merchant filed for bankruptcy, meaning that the debts were discharged and creditors named in the documents couldn't come after TPM for money owed.
Yes, while the majority of TPM sellers "only" lost ~$1k, some people lost smaller amounts, such as $200 or $600.
