Skip to comments.‘American Chopper’ Star Paul Teutul Sr. Files for Bankruptcy
Posted on 05/30/2018 8:32:46 PM PDT by yesthatjallen
Paul Tuetul Sr.s financial woes keep getting worse, because he just declared bankruptcy and claims hes over a million dollars in debt.
According to documents obtained by The Blast, 68-year-old Tuetul filed for Chapter 13 in New York claiming he owns $1,801,729 in assets, and owes $1,070,893.44.
As to what those assets are? Teutul lists his home in Montgomery, NY, a 2011 Chevy Camaro, 2010 Dodge Challenger, 2009 Chevy Corvette and a few pistols worth around $200.
For cash on hand, Teutul claims he only has $50 in cash and $900 in a checking account. He says that the past two years hes made $100,000 but this year has only made $10,000 and his liabilities including debt owed to banks, credit cards, and his expensive mortgage on his home have become too much to handle.
He lists that he owns 100% of Orange County Choppers, the custom motorcycle business he co-founded with his son, but states that the companys value is $0. He also lists four dogs at a dollar a piece.
(Excerpt) Read more at theblast.com ...
I stumbled across this article. It's a couple months old.
I find this financial fall stunning.
Who was his financial advisor? His mentally challenged cousin on his mothers' side?
How quickly they fall.
He also lists four dogs at a dollar a piece
Watched his show and was a fan sounds like a real yahole if he lists his dogs and then when he does only a buck a piece
Too often, when you suddenly come into a lot of money quickly, you adapt to a new lifestyle and spend at a new level and act as if it will last forever.
If he had kept to a more modest living and put everything he was making from his show into some smart investments, he probably would be fine today.
People who come from more modest backgrounds tend to do that when they make too much money at once.
So, he has over $700,000 after he pays of all debts?
This man is doing much better than most here on Free Republic!
I think he probably loves his dogs and wants to ensure that somebody will buy them. If he were to list them at some higher value, he would risk not getting them into a new home.
The show just returned on Monday.
Sometimes it happens. Chapter 13 means he’s paying back some of it. He’s not getting away scott free after all. People are so quick to judge ya know...
The man is wealthy. He is just trying to not have to pay most of his bills, so that he keeps well over $1.3 million instead of $720,000.
Hes a louse.
“Who was his financial advisor?”
Maybe he was churning his account.
I only watched the show passively during the last two seasons.
I had no vested interest in the show.
My interest here is how he lost control of his finances.
He only makes $100k/year including the series with his name on it and the residuals?!
Ehhh... I don’t think so...
On the flip side though, it sounds like he’s cash poor and can’t get the value transferred which is why hes declaring
He only gets residuals on the episodes as they air. If the show isn’t airing as much, his residuals would be down.
I thought American Chopper was starting up again. He’s not getting good money for that?
He’s listed them at a buck each so they’re not considered “valuable property” and liable to be taken as payment against debt.
He loves those dogs dearly.
There is a law that states: Spending increases with income.
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