Just a day before the American Chopper reboot premiered in March 2018, Paul Sr. filed for bankruptcy. According to paperwork obtained by Page Six, Teutul admitted to owing nearly 50 creditors a total of more than $1 million, against a net worth of around $1.8 million. Teutul also claimed a monthly income of $15,000 and expenditures of just over $12,600 not enough to pay off his crushing debts.
But the story wasn't over. In April 2019, the trustee in charge of Teutul's case asked the court to dismiss the bankruptcy petition. According to that filing, Teutul didn't provide the trustee with a copy of a federal income tax return or transcript for 2017 and 2018, and more proof that his financial situation, quote, "indicates a negative cash flow."
Four months before he filed for bankruptcy and the whole world suddenly knew about his daunting financial problems, Paul Sr. put his enormous Montgomery, New York estate on the market for $2.9 million. Teutul then cut the price to $2.49 million. And by early 2019, it was down to just $1.65 million. The trustee in charge of his bankruptcy case said Teutul seemed sure that selling his home would solve all his money woes, but it doesn't seem to have worked out that way. At least, not yet.
All those fights between Senior and Junior were apparently real. Tensions ran so high at Orange County Choppers that in 2008, Paul Sr. fired Jr. from the shop, even though he co-owned it. Junior later told Fox News that his dad giving him the axe was what he called "a big favor" because it set him on the path to starting his own business. Paul Jr. Designs opened in 2010.
Keep watching the video to see what the cast of American Chopper is doing now!
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Paul Sr.'s money troubles | 0:14
Paul Jr.'s big business | 1:37
Vinnie DiMartino's wheels | 2:32
Rick Petko's bikes and knives | 3:10
Mikey Teutul gets creative | 3:58
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