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Trustee opposes bankruptcy protection for tv star

On Behalf of | Apr 24, 2019 | Chapter 13 Bankruptcy

The television show “American Chopper” attracted many fans in Texas, but one of the reality show’s stars has continued the real-life drama in bankruptcy court. Paul Teutul Sr., the famously cranky patriarch of the show, now faces opposition from the trustee of a bankruptcy court. Teutul filed for Chapter 13 bankruptcy protection in February 2018, but the trustee has filed a motion expressing doubts that Teutul can make the payments required by the bankruptcy plan.

The court filing on April 14 stated that he had not provided necessary federal income tax returns. The motion further detailed problems with his negative cash flow that led the trustee to conclude that he had no ability to fulfill his bankruptcy payment plan. The trustee determined that he had not met requirements to qualify for continued protection from creditors.

According to financial disclosures from the 69-year-old reality star, he had monthly income in May 2018 of $16,530.81 and expenses totaling $20,129.17. The trustee noted that he appeared to be pegging his hopes of paying debtors on the sale of his home, but he had not succeeded in selling the property yet.

Providing complete financial documentation to a bankruptcy court is a crucial part of the process. An attorney could improve a person’s ability to comply with the requirements of a Chapter 13 bankruptcy filing. A legal evaluation of a debtor’s income and debts could provide insights that help the person make an informed decision about how to manage debt. While a court processes a petition, an attorney might manage communications with creditors and offer advice that helps the client fulfill legal obligations.

Source: FOX News, “‘American Chopper’ star Paul Teutul accused of neglecting bankruptcy case: report“, Chelsea Hirsch, April 22, 2019