A common misconception that many in Hernando County may have regarding personal bankruptcy is that those facing it cannot hide their financial struggles, making it surprising to no one when news surfaces that they are seeking such protection. Yet were one to peel back the proverbial curtain on the personal financial situation of those in his or her own town or neighborhood, he or she might be shocked to see two things: how many people are actually struggling with debt and how good they are at hiding it.
One might certainly consider a person who headlines their own reality TV show to be swimming in extra cash. Yet the financial struggles of Paul Teutel, one of the stars of “American Choppers” dispels that assumption. One may not guess it, given that his representative remains committed to hyping the show’s upcoming season. Undoubtedly the revenue Teutel might bring in from the show will help him sort out some of the mess he currently finds himself in.
According to documentation recently released revealing his finances (a requirement as part of his Chapter 13 bankruptcy case), Teutel has extensive debts related to his business (which includes a California-based restaurant inspired by his show). He also owes several thousands in back taxes, and is currently dealing with as many as eight lawsuits. These liabilities appear to be substantial in comparison to his assets, which includes his income, some retirement accounts, an animal rescue farm, a 20-acre property, his home (which is in foreclosure), and an impressive collection of cars, trailers, boats and guns.
Having income coming in (even from seemingly reliable sources) does not exclude someone from the potential of dealing with debt. Those considering bankruptcy as a method of dealing might do well to consult with a bankruptcy attorney.
Source: Page Six “Paul Teutul discloses finances amid bankruptcy” Hirsch, Chelsea, May 08, 2018