Louisiana residents who are currently facing serious financial quandaries are definitely not alone in their struggles. Such crises are also not isolated to the general population, as even many celebrities have sought immediate debt relief, such as Chapter 13 bankruptcy, when they’ve been unable to resolve their money problems. A former star of a popular TV series, “American Chopper,” which stopped in airing in 2010, is trying to save his home from foreclosure.
Paul Teutul, Sr., who starred in the show along with his son, is known for creating some of the most unique, custom-designed motorcycles in the world. The duo’s show was popular for approximately seven years, before going off the air. In fact, many motorcycle enthusiasts still watch the reruns on cable TV.
Teutul has filed Chapter 13 bankruptcy to try to restructure his financial obligations to help get things back on track. In the meantime, the bank where he secured a $1.5 million loan to buy his house some years ago has also filed foreclosure proceedings. The Chapter 13 filing halted legal proceedings against Teutul; however, the bank is asking the court to allow it to continue with the foreclosure proceedings because it had already been activated before Teutul filed for bankruptcy.
The bank has represented the court that it cannot wait any longer to receive payback for the loan without suffering irreparable economic harm. Many Louisiana residents have been able to save their homes from foreclosure by filing Chapter 13 bankruptcy. The court makes its decisions on a case-by-case basis. To increase the chances of obtaining a positive outcome, it is always a good idea to ask an experienced bankruptcy attorney to act on one’s behalf in court.
