'American Chopper' star Paul Teutul Sr. files for bankruptcy - Victory Forums - Victory Motorcycle Forum
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post #1 of 26 (permalink) Old 03-02-2018, 03:06 PM Thread Starter
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Default 'American Chopper' star Paul Teutul Sr. files for bankruptcy

The chopper fad burned out long ago for those who did it because it was cool. It's still cool but just not a fad anymore. Long live the chopper!!

'American Chopper' star Paul Teutul Sr. files for bankruptcy



"American Chopper" star Paul Teutul Sr. says he's broke.

The reality TV star filed for Chapter 13 bankruptcy in New York on Feb. 28.

The Blast obtained documents that show Paul owns $1,801,729 in assets, and owes 50 creditors $1,070,893.44. Teutul said he makes $15,070.93 per month, but spends $12,612.

The website reports that he's trying to "reorganize and restructure [his] debt without risk of losing assets."

As for his assets, Teutul lists his home in Montgomery, New York, a 2011 Chevy Camaro, 2010 Dodge Challenger, 2009 Chevy Corvette and a "few pistols" worth around $200. He also listed "four dogs" (valued at $1 each) and "one old desktop" as part of his assets.

Teutul added that there is a $32,000 judgment against him and that he owes $151,230.98 to the Town of Crawford, New York, for taxes, as well. In addition, he says he owes about $21,000 to multiple credit card companies.

In the documents, Teutul said he owns his Orange County Choppers business, but claimed that the company's value is $0.

Paul further states that he has $50 in cash and $900 in a checking account.

In short, he says his bills are too hard to handle.


At least they got their tv show going again. That should pull him out of the hole soon. Debt sucks.
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post #2 of 26 (permalink) Old 03-02-2018, 04:00 PM
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No way....that guy has to make more then 180K a year.

Or he was just that bad with how he handled his money that its true.

We had certain members of my own family file bankruptcy only to have them turn around and all of a sudden buy a new house, two cars, new Harley and a new RV...needless to say we no longer have anything to do with that side of the family....But the Ohio state tax department and IRS sure wanted to to know know more.
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post #3 of 26 (permalink) Old 03-02-2018, 04:21 PM
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The new American Choppers aired yesterday, not that this was mentioned in it. He did mention business was down.

On a related note Jr showed he is in a new smaller shop saying the other cost far too much and also said business was slower than before.

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post #4 of 26 (permalink) Old 03-02-2018, 04:30 PM
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To me, watching a chopper show is like watching how buggy whips are made. Who wants or needs them?

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post #5 of 26 (permalink) Old 03-02-2018, 04:50 PM Thread Starter
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A red flag for me was the "few pistols worth $200". Anyone who knows anything about handguns know the cheap ones are almost $400 each. Yes, there are a few pocket pistols and really cheap ones in the $200 range, but most are up around $5-6oo and up.

I get it though. The idea is to devalue them enough to satisfy the feds on worth so they don't expect him to sell them. That's the downside of bankruptcy. I don't know if it's still this way but it used to be banks would love to lend bankrupt people money because they knew they couldn't claim it again for 10 years or so. Maybe it was 7.
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post #6 of 26 (permalink) Old 03-02-2018, 05:00 PM Thread Starter
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Quote:
Originally Posted by Honda East Toledo View Post
No way....that guy has to make more then 180K a year.

Or he was just that bad with how he handled his money that its true.
It's amazing what the overhead costs are on owning a business and leasing a building.

I was talking with a friend today who's wife (yes, his wife) is a trucker. She leases a (tractor) truck until it reaches 500k miles then turns it in to lease another new truck so she always has a truck with a warranty and something new(ish) to drive all around the country. She puts around 130k miles a year on them so they last her 4 years. The lease cost is over $2k a month plus insurance. On paper it looks like she makes a lot more than she actually does due to business costs. Of course many of those have been a write-off. I don't know how the recent tax reform will affect it.

When she takes time off work and that truck isn't moving; she still has the lease payment but no income from it. As they say in that business; "if it ain't rollin' it ain't earnin'".
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post #7 of 26 (permalink) Old 03-02-2018, 05:51 PM
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Paul T is in pretty good shape for an old fart(even through he's broke...) Maybe he should start staring in Viagra or Cialis commercials.....He'd get back to rich quick

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post #8 of 26 (permalink) Old 03-02-2018, 06:01 PM
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Quote:
Originally Posted by PaiN View Post
Paul T is in pretty good shape for an old fart(even through he's broke...) Maybe he should start staring in Viagra or Cialis commercials.....He'd get back to rich quick
Or anger management commercials,

Or against psychoactive drugs .....

( A psychoactive drug, is a chemical substance that changes brain function and results in alterations in perception, mood, consciousness or behavior.Wikipedia )

Ha ha, he has some serious tantrums history ....

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post #9 of 26 (permalink) Old 03-03-2018, 11:54 AM Thread Starter
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Looks like more bad news for him.

Paul Teutel Sr. Slapped with Fraud Lawsuit


Paul Sr.'s terrible, horrible, no good, very bad decade continues

With reality TV star Paul Teutul already scheduled to appear in court later this month due to the foreclosure of his multi-million dollar New York State home, the last thing he needed was another lawsuit. Unfortunately for Paul Sr. that's exactly what happened. According to court documents obtained by Page Six, Teutul’s business partner and investor Thomas Derbyshire has accused Teutul of sabotaging a 2015 American Chopper reboot project, allegedly squandering the $3M Derbyshire had invested in the show on personal expenses.
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post #10 of 26 (permalink) Old 03-03-2018, 01:48 PM
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Pauls house for sale
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File Type: jpg 0116-paul-teutul-sr-orange-county-choppers-house-launch-3.jpg (80.1 KB, 12 views)
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