Reality doesn't pay!
American Chopper star Paul Teutul Sr.'s bankruptcy nightmare continues as RadarOnline.com exclusively learned that the trustee in the case filed a motion asking the judge to dismiss his Chapter 13 request.
The financially challenged reality star was trying to avoid paying off multiple people with his Chapter 13 request, but according to court documents obtained by Radar his failure to provide the court with
"The Chapter 13 Trustee respectfully requests that this Court enter an Order dismissing this Chapter 13 case and for such other and further relief as may seem just and proper," the documents filed in the United States Bankruptcy Court Southern District of New York on April 15, 2019 stated.
According the Trustee, Teutul Sr. has a "negative cash flow which clearly demonstrates that the Debtor will not be able to make any Chapter 13 plan payments as required."
The reality star "has failed to provide the Trustee a copy of a federal income tax return or transcript for the most recent years, to wit, 2017 and 2018," according to the documents.
The Trustee also stated that the American Chopper star would not be able to become financially solvent based on his plan to sell his properties. "The Debtor's proposed Chapter 13 plan is speculative in nature in that it is dependent on the sale of real property and as such it cannot be confirmed."
Teutul's plan for his Chapter 13 request was deemed unrealistic by the trustee. "The Debtor's proposed plan payment is not feasible to pay secured claims in full as required by 11 U.S.C. §1325(a)(5) and the Debtor's Schedules I and J as filed do not indicate an ability to increase the plan payments," the documents obtained by Radar stated.
And the documents concluded with "The foregoing constitutes cause to dismiss this Chapter 13 case."
A hearing was set for June in the case.
Stay with Radar for updates to the story.