American Celebrities Are Filing for Bankruptcy
Even in the entertainment industry, financial hardship happens. Blossom Actor Joey Lawrence and Discovery star Paul Teutul Sr. both recently filed for bankruptcy.
In July of 2017, Joey Lawrence, an actor from Blossom and the Freeform show Melissa & Joey, filed for Chapter 7 bankruptcy along with his wife, Chandie Yawn-Nelson. Likely from the cancellation of the Freeform show, Lawrence’s yearly income decreased from $534,000 in 2015 to $58,000 in 2016.
The couple listed their monthly expenses as $25,505.35, significantly higher than his monthly revenue of about $6,966. On top of running $18,000 in the red every month, the couple had over $355,000 of debt, including:
- Credit card bills totaling $132,000
- Back taxes totaling $88,000
- Past due rent totaling $54,000
- Unpaid loan totaling $32,000
By filing for Chapter 7 bankruptcy, Lawrence and Yawn-Nelson hope to eliminate most, or all, of their outstanding debt by liquidating their belongings. The couple’s assets totaled almost $44,000, including their home furnishings, clothing, and wedding bands. The bank also repossessed a 2016 BMW i8, a 2015 Ford Flex, and a 2014 Bentley.
Learn more about Joey Lawrence’s bankruptcy here.
Paul Teutul Sr.
On February 27th, American Chopper star Paul Teutul Sr. filed for Chapter 13 bankruptcy. Teutul owed over $1,000,000 in debt, and his listed assets totaled around $1,800,000, including:
- A mansion home in NY
- A 2011 Chevy Camaro
- A 2010 Dodge Challenger
- A 2009 Chevy Corvette
Teutul also included his 4 dogs and a few pistols among his assets. He did not, however, include his custom motorcycle business. Although he owns 100% of the company, Teutul listed the company’s value at $0. He is currently facing foreclosure on his New York home.
Teutul also listed his monthly income for his motorcycle work as just over $15,000, and his expenses as about $12,600. Rumored to return this year on Discovery, Teutul did not list any income or residuals from American Chopper.
By filing for Chapter 13 bankruptcy, Teulul hopes to be issued a court-approved payment plan to pay his debts over the next few years. This would allow him to maintain his assets and avoid collection calls.
Need a Bankruptcy Attorney in Worcester? We Can Help.
When experiencing financial hardship, you can feel hopeless or overwhelmed, but you don’t have to go through it alone. The Law Office of Robert W. Kovacs, Jr. can help guide you through your bankruptcy and help you achieve a fresh start. Our bankruptcy attorney can review your financial situation and help you make the right filing decision for your situation. We aim to help you achieve financial freedom from your debts.
Contact our Worcester bankruptcy lawyer at the Law Office of Robert W. Kovacs, Jr. today, and begin your journey to a fresh financial start: (508)645-4073.