Last weekend, The Blast obtained court documents showing the trustee handling Teutul's Chapter 13 bankruptcy case is accusing him of not sending in copies of his 2017 and 2018 tax returns.
The trustee called Teutul's plan to repay his creditors "speculative in nature in that it is dependent on the sale of real property and as such it cannot be confirmed" and she believes he could not make his payments based on the numbers he provided.
The trustee wants the bankruptcy case tossed and asked that Teutul defend himself to creditors.
The Blast notes, Teutul, 63, filed for Chapter 13 bankruptcy in New York last year, claiming he had $1,801,729 in assets and $1,070,893.44 in liabilities. In the documents, Teutul listed his Montgomery, New York home, a 2009 Chevy Corvette, a 2010 Dodge Challenger, a 2011 Chevy Camaro and a collection of pistols worth $200.
Earlier this month, The Blast also reported that JTM Motorsports is suing Teutul for $30,000, claiming he breached a settlement deal they reached in January. The company said the reality TV star was supposed to release the money from an escrow account by a deadline, which he missed.
JTM claimed Teutul ignored its efforts to get him to pay the money back, and is asking Teutul be found in civil contempt. They also asked the court to force Teutul to release the $30,000 and pay $13,000 to cover their attorney fees and punitive damages.
The company said it reached a deal with Teutul to work on a 2009 Chevrolet Corvette ZR1 in exchange for an appearance on Street Outlaws and American Chopper. However, he never followed through with that part of the deal and JTM claimed it lost $24,000 in parts, $26,000 in labor costs and $10,000 in storage fees.
Teutul has also had issues trying to sell his upstate New York mansion, which has yet to find a buyer even after several price cuts. In October 2017, he listed it for $2.89 million, but the asking price is down to $1.65 million. The listing agent, Seta Tunnell, said the issue might be that it too lavish for the neighborhood it is located in. Tunnell said the property tax is also high, coming in at $50,000 a year.0comments
“The median home price within a 3-mile radius is $335,000,” Tunnell told Page Six of Montgomery. “Only 16 homes in this area sold for over a million last year, and nearly all of them were on and off the market for a few years.”