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Ah yai yai, another Bravo housewife bites the dust! In somewhat shocking and not so shocking news, the NY Post is reporting today that Teresa Giudice, star of the Real Housewives of New Jersey, has filed for bankruptcy alongside her husband.
Even more shocking? Teresa and hubby Joe Giudice owe nearly $11 million dollars, and have their income listed at only $79,000 a year. And it doesn’t end there. Teresa’s home is also in foreclosure, and yes this is the same $1.8 million, 10,500-square-foot home Teresa was shown moving into during the first season. The bank has started the foreclosure proceedings.
The NYPost refers to the Giudices as “real-life deadbeats” who “are up to their tanned necks in liens, foreclosures and unpaid bills.” In bankruptcy papers filed in Newark federal court, the Giudices say they owe their creditors an astonishing $10,853,648.04.
Teresa and Joe have also defaulted on their $1,280-a-month payment for the family’s luxury black Cadillac Escalade.
It gets even worse folks. The banks have also foreclosed on other homes owned by the couple, including a $279,000 four-bedroom Jersey Shore house. The Giudices are said to have had three mortgages on the house and owed $325,000. Also foreclosed on is a $200,000 home in Lincoln Park, NJ, that had four mortgages — and an outstanding debt of $600,000.
And despite being shown on their Bravo reality show as spending thousands and thousands of dollars on their kids’ clothing, Teresa and Joe claim to spend just $400 a month on clothes in court papers.
As for their income, Joe has his monthly income listed at $3,250; while Teresa lists hers as $3,333. The couple also lists another $10,000 in “monthly assistance from family members.”
And oh yeah, Teresa also owes nearly $20,000 to Bloomingdale’s, Neiman Marcus, Nordstrom. Their credit card debt alone is listed at $104,000.
TELL US – ARE YOU SHOCKED? WHAT ARE YOUR THOUGHTS ON TERESA’S MASSIVE DEBTS?
UPDATE: Teresa, who appears to not be in denial at all about her $11 M debt, posted the following message on her twitter Saturday -
“A huge THANK YOU to all my fans for all your love and support. Joe & I are just fine and will continue to be. ♥♥♥from our house to yours! xx.”
Wonder which one of their foreclosed houses that is… But it is nice to know Teresa and hubby Joe will continue to be fine, while the rest of society is forced to incur their irresponsible debt.
http://www.examiner.com/x-20879-The-Real-Housewives-Examiner~y2010m1d30-Real-Housewives-of-New-Jersey-Ashley-and-Danielle
Ashley Holmes was charged with simple assault earlier this month.
teresa! not you ms.beauty not your home. teresa come on you! I can’t believe this shit all the shit you talk look like you ass can’t walk it.on the show talk about how you hate a bitch!and you ant have shit please fake ass.
WOW….I couldn’t believe my ears when I read this! I can’t believe they only make 79,000 a yr & live in a 4 million mansion, drive expensive cars, have luxury furniture, give lavish b-day parties & home parties & shop in high end stores. There is definitely something fishy going on with ACTUAL earned income. I bet that we will definitely be hearing about fraudulent behavior before all is said & done. I think Teresa is a nice lady, but a bit ditsy & not articulate at all. I bet Danielle is sitting back having the biggest laugh. The reunion should be something special. I don’t wish ill will on no one, so I pray for a positive outcome for her family & many lessons learned. I hope her cookbook sales does well & can get them out of some of this debt. Best of luck to u Teresa & Joe.
Teresa: Hang in there. You are a true person – true to your beliefs, family and friends. I say while you “don’t have too much to loose” you kick the ass of the biotch/nut, Danielle, as she certainly could use it! She give all us “housewives” a bad name. Thank God you have enough balls to stand up to her crazy ass. Your strength will get you through. Screw the critics, they ARE all just jealous!
If you are ever down south, I’d love to treat you to a nice Italian meal at Gino’s here in Baton Rouge where the cooking may be just as good as your own.
Sincerely,
Grit, (Girl Raised in the South)
Donna,
Did you notice the date on the article that you posted below? Click on that link and look again – the article clearly shows JANUARY, not June…that’s JANUARY 30th…perhaps you should try again, maybe not so personally invested, this time…
I guess those BLOOD DIAMONDS are out of the question? lol
Amazing…some people don’t know when to stop.
I knew it was bound to happien.
Theresa and her doofus husband will be just fine. Bankruptcy will just give them a chance to do it all over again. People like them don’t change, they are still cheating and stealing everything. You don’t pay “cash” for a million dollar house and all the imported marble and furnishings. Talk about the underworld, mafia, “family” business. Joe is a idiot, dumb as dirt.
$11,000,000.00 is NOT a little debt. Is this not why this country is in a mess? People like the Giudice’s living large and cannot afford it. Now we know why they were paying cash for everything, the credit cards were maxed out. What fakes and frauds, now we have to pay for their debts and they get to start all over again! ONLY IN AMERICA!!!!
I think Terea is fabulous. Yeah her spending is rediculous, and there hasz to be a limit. I hope everything goes well
I love you Teresa (and your beautiful family)!! Its just the economy!! I love how you keep family first!!
While I don’t condone her financial predicament, I know she will overcome her troubles.
I like Teresa and her kids. She makes me laugh. Her caveman hubs??? not so much.
Good for her — she’s got the right idea. Most of us are struggling to keep our dead end cubicle jobs and she is living the live! I wish I could do the same — responsibility be damned. God bless her for going for it – at least she had a taste of glamour while most of his have to struggling watching our 401ks decrease every day and worry about hanging on to our job — and that is with education and so called experience. They are very lucky and I commend them!
Is there any way you could keep the house you live in, you worked so hard on designing that beautiful home. It sounds like you have enough income to cover that house. Theresa, you have such a talent for design, high end design, maybe you should start a business using those talents. I’d hire you. You
put that hugh project together, that is a special talent that people would pay for you to help them put their dream home
into reality. We can see you are a person , who not only has great taste, but you’re a person that gets things done.
It will all work out for you, just keep loving each other and you’ll
work this all out, my husband and I are feeling the shift in the economy too, and are basically losing 20 years of work with
real estate investments and having to start all over again. Only we not as young as you and Joe.
God bless you all. Just stay away from the stores and the little one’s won’t even notice. It might be hard on Gia, but let her spend big when she get one of her big acting jobs.
tusense
OMG! What a shame… bloody bankrupt bitch! Danielle’s gonna definitely have the last laugh!
The boob jobs and expensive clothes and lavish living sooner or later were going to come crashing down… i hope they are poor and live in some shabby fuckin ghetto in Jersey… to hell with u bitches…. you are losers with no morals…
Teresa,
I make more than what your husband listed in income. I make more by myself not including what my husband makes. You are liars. You make more than 79 thousand only its not on paper. And who loaned you all this money if all you make is that. You are a liar who will end up in jail. You deserve it. Your kids are going to be so screwed up from this. I hope it was worth it.
no one knows but Teresa and Joe the circumstances of their bankruptcy. Stop judging it’s not anyones business. I am sure they were affected by the economy as well and this snuck up on a lot of unsuspecting Americans. There is a lot of people that are one or two paychecks from being homeless they are in debt just with a much larger amount.
Tell me how did Joe owe $11M and why would anyone give him that much money in the first place. He is an idiot. I am not going to sugar coat anything on that. Who in their right mind would loan him money or extend him credit. It is impossible.
However, the shot right next to this is inTouch magazine and Teresa in her bikini and she has an amazing body. She should divorce juicy Joe and find a new husband.
~Wow, goes to show how these celebs be tryin to do too much in front of a camera. But in “reality” litterally its all drama, too much drama actually. They jus need to step back and be themselves dont try to be somethin u not, cuz when u hide in tha dark, thangs goin come out to light.~
Joe is the crook in this marriage. His partner is suing him because Joe forged his name on documents to borrow money. I’m sure the IRS will be after him soon. If he reported $79,000 in income, but paid cash for everything, something doesn’t smell right.
All of you who think it’s OK for them to file bankruptcy and start over just think about all the tax dollars that were given to banks that made these bad loans. It’s your money that Joe and Theresa used to fund their outrageously lavish lifestyle.
Wow this is sad to read. I am sorry for them, and pray they
come out of this with their heads up. My thought is they got
caught up in the bling. I have enjoyed watching the family.
I hope everything works out for them, however half of america lives that way. People in america live above their means thats their way of showing people that they have arrived. If you take a look around people that are true millionaires are millionaires because they are very careful with their money. People that are living on paychecks l I don’t care if the check is coming because of a 9to5, sports, or entertainment they spend their money unwisely showing the world that they have money. IT’s no wonder this economy is the way that it is, because people are using credit but not paying the creditors. Please wake up people!!!!
Give me a break all the people who think it is OK to go into bankruptcy in this fashion are living in a dream world. I am more shocked at the banks who loaned Joe the money.
Also, the forgery business I would like to have some clarification on. There is no impending criminal suit and I didn’t read that actual verdict, so I do not know if this forgery or misrepresentation or misstatement of fact. The idea there is no impending criminal case might be something. Does anyone have the actual link to the civil pleadings; such as, the complaint and answer?
Following is an excerpt from an article I found on Joe Guidice:
In addition to their $11 million debt and October 2009 bankruptcy filing, the Post is now reporting Joe Giudice is being accused by a former business partner of forging his signature on a mortgage document in order to take out another loan and pocket $1 million.
Court papers reveal the alleged forgery took place in 2007, and it’s unknown what Joe did with the cash. The said business partner Joe Mastropole won an Oct. 23, 2009 judgment in his case, which is now in dispute because the Giudices filed for bankruptcy just days later.
I really like Theresa,she reminds of one of my closest friends.Always gotta have full make-up,dress snazy,and very fashion forward.Being a mother of 3 little girls,I know it’s hard and I feel she does a really good job!!!(better than AlexAss from rhoc)Theresa AND Joe togeher f—ed up. I just don’t know how u get into that much debt…after 5 grand I would have been like “WTF”.I hope they can pull out of it,I truley like and admire them as a couple.(minus this of course)They r in my thoughts and prayers .Much love to them!!!
Not only is this woman lacking intelligence, but is now showing her mean-spirited nature. Let’s not even debate going into her morals/ethics. It will show eventually.
I’m appalled with the comments of “love her”, “great family”, “better than -whomever-”, “everybody does it”.
Beyond this commentary site/blog, EVERYBODY DOES NOT DO THIS! Only the selfish,greedy,self-absorbed and entitled (for whatever flippin reason) want to walk thru life benefiting, without the work.
And then, after making irresponsible decisions let the rest of us pay for thier dumb-ass moves.
I don’t find her sweet, great mother, responsible or giving citizen. Including her (supposedly ‘cutie’ husband).
Is she entertainment coming across my T.V., heck yes! Do I want me or my family to pay for her destructive lifestyle behaviour -NO-!!!
I work too hard.
You people are so mean. Most of us spend more then we make. I have only seen the show twice and I can honestly say that I like Theresa more than any of the other women. I think she is a good mom and she supports her husband no matter what. I hope she pulls through this and I’m gonna go buy her cook book to support her. Good luck and God bless.
This is what happens when someone lives on plastic money, i.e. credit cards. It all catches up with you sooner or later.
The Guidices lived way beyond their means as it their last name was Hilton.
How are the people who sold goods and services to you supposed to pay their bills since you “stiffed” them>
Your lavish over the top “housewarming party” where liquor and food flowed freely; your 9 yr old daughter’s limo & beauty salon treat as well as her acting/dancing/singing lesseons as you stated “nothings too good for my baby”. Well apparently it is if you can afford to pay for it.
Thousand of dollars spent in boutiques for children’s clothes while other buy kid clothes at Walmart/Kmart/Sears or even Salvation Army or 2nd hand stores.
Booby job/fertility tratments/maicure-pedicure-hair dye & makeup, ezpensive jewelry–lunches out at exclusive restaurants, drying around in an Escalade…totally unbelievable that you had the nerve to put out there that your were Rich”
You made fun of others, especially Danielle caller her a prostitution whore” you are a “credit card whore”. You need to get a full time job, sell your jewelry, return clothes that still have sales tickets on them in order to save face.
Bravo should kick you off the show as well as you are a disgrace to those who work & pay their bills.
I don’t feel sorry for you at all.
Teresa hang in there and dont listen to all the stupid negative opinions of people that dont know anything about your family.
They have to much time being wasted on your personal family business. Their time could be better spent of focusing on their own family. God Bless.
Teresa….looks like you’ll be living in a house that has been lived in. Remember you said that it is “nasty” to live in a house that has already been live in? You sounded very stupid, and I think it is very funny how the tables can turn. You ain’t nothing but a fake and crazy person. Danielle should “kick dat ass!!!!” At least she is real about her life!!! You may want to take a few pages out of her book!!!!
……I forgot to tell you “Do something about that ridiculous looking hairline!! (LMAO)!!!!
@ 430 elida….when someone likes Teresa and her “barney” become PUBLIC people , then all of us have the RIGHT to call her out on the bullshit spending….We dont NEED to know her family..we only know what she shows us , and God knows she shows us alot, and for that we can say what we will about her and her family….
For the most part , none of the posters here at RT FOCUS on her life… we watch , we observe, then we comment….If you dont like whats being posted , then shuffle off….
I have a good life , and when I go to sleep at night I KNOW that I never scammed anyone to get what I got…I did it the right way… I EARNED IT………
With that said I wish you well…
Diva
@428 Kelley – You’re going to have to buy a hell of alot of cook books Hon to get greasy Teresa out of this mess.
I think that next season Bravo should focus on Theresa and her bankruptcy. They should show the consequences she has to face, get her into counseling for her spending and let us see that she is truly remorseful for sticking it to the taxpayers to foot the bills for their $11 Million extravaganza of a life.
Bravo needs to follow her journey back into the reality of living like regular folks, not mobsters who pay for everything in cash. I would like to know that she will see the light pretty soon and change her ways.
@428 Kelly… It’s not MEAN, it’s called HONESTY.
@ 429 Lorrie…I bow to your ‘honesty’ and agree.
@430 Elida…My comment may be negative, but stupid I’m not. Teresa currently owns, owns, owns
that.
@ 433 Diva…Applause!
@ 434 Rebecca…Thanks for the great, witty laugh you brought.
Gotta love those housewives!!!!!!!!!
It’s just disgusting that they have lied and cheated endors out of payment
IRS tax evasion for starters
WOW… I cant believe how irresponsable they have been with there money and they still have four very young kids to raise. I wish them all the best in coming out of this situation alive.
Now, according to many recent legal proceedings many of those individuals who used “low doc” or “stated income” loans to secure home loans are now paying a hefty price, if they played around with their income numbers or if they just plain falsified their income information in order to become able to qualify for a home loan that their typical or “true” income amount would not have allowed them to obtain the same loan (i.e. using deception to qualify for any financial benefits or using that information to gain loan proceeds from a lending institution)
Many of these cases are looked at by the IRS and are referred for prosecution. Others are being prosecuted by the Attorney General’s office on behalf of lending institutions and they are going after people who lied about or falsified information and are now unable to repay their bank loans. “Early missed payments are the first sign something is wrong with these new loans” said Mr. R.O. Weaver former ASVP Banking officer. “The next big clue something was wrong with these loans is a sudden bankruptcy” or “walkaway”( from the obligation) “early in the term of the loans”…Weaver also said, “Many of these individuals, using fake income information, were able to obtain home equity lines of credit in which, they simply, advanced all of the proceeds of the line or took the funds with no intention of any substantive repayment then fiked bankruptcy or walked away from their loans.”
“In today’s financial climate banks have little tolerance for abuse and are now going after individuals in situations where they feel an open and shut case of fraud has occurred” said Weaver.
Now, I am not implying, nor do I believe that Teresa or Joe have done anything at all illegal. However, there are situations out there that look on the surface like theirs that do look like something wrong has occurred. Considering Joe and his wife were both real estate investors and were in the market through a horrific low point in US economic history tends to make their situation look like well intentioned investments simply failed and they are now trying to hold on to some of their equity through legal means.
So please, do not too jump to any conclusions until the entire story is out there for all to see!
i love the show and i love you teresa….
but seriously this is KARMA bitting you in the ass for talking about ppls homes..alot of us arnt as fortunate as yall to have all those nice things it was just wrong…
so anywho go pawn your jewery and go live in a rented house like the rest of us….
now you can walk in our shoes
I guess that’s what you get when you think you’re better than others!! Like your sh@t don’t stink!!!
Theresa and Joe can’t “spin” the truth in bankruptcy court the way they do on Bravo.
Unfortunately for them, Theresa’s money spending sprees shown on Bravo will come to bite them in bankruptcy court.
Bankruptcy law allows you write off all your debts and start anew.
However, in the filings you must list all monies paid to people during the year preceding the filing. The purpose of this requirement is to prevent a debtor from giving money to some creditors or purchasing new items, while not paying other debtors.
Paying new creditors or repaying family members, or purchasing new items, while ignoring existing creditors can bring charges by the Bankruptcy Court of “fraud” or “irregular transfers” or “favoritism to some creditors while ignoring others”, sorta of – not actual legal terms, but you all get the drift.
Because neither Joe or Theresa was saavy to bankruptcy law and it looks like they either didn’t listen to their bankruptcy attorney and testify or file truthfully or they got bad counsel, and I presume the first theory, they are in for the ride of their life in court going forward.
I love the way Theresa says it will give them a “fresh start”. How about the people they stiffed for those 11 millions dollars, they don’t get a fresh start, they just get screwed.
Also, I think that Washington recently changed the bankruptcy laws and filing does not necessarily mean all your debts are forgiven. I think they may be required to make some payments or liquidate assets. I feel so sorry for the people that didn’t get paid.
According to the Smoking Gun, Teresa committed perjury on bankruptcy documents
http://www.thesmokinggun.com/archive/years/2010/0715101giudices1.html
I have kept my comments to myself for too long…lol. I do not wish you to judge anyone, however, when individuals portray or create a facade
about who they are or what kind of financial life style they have…and then, you find out that it’s a (how should we put it) “shame”…I’m sorry…but, you’re kinda asking for it…no?
All I will say is…grow up! Act your age, and get over yourself! If you had any class (which all of you claim) you wouldn’t even put yourself out there like idiots. Again, not judging, but I call a “spade a spade”.
But…it makes for great TV!
Teresa should be arrested for assault and publicly lies about her behavior . She was very frightened to tell her husband what she did. Caroline already told her she was wrong.
This sociopath then appears on tv and lies about her behavior and her finances. She should be in jail for her reckless behavior and spending.
It is really terrible. What an awful example some of these housewives are giving. She is the worst as far as amount of money is concerned, but other housewives on the Bravo shows don’t seem to have any concern about spending money that isn’t theirs either. They have no concept of buying what you can afford and no qualms about lieing to people and to the courts. I am shocked by the amount of money they are talking about and also shocked that Bravo didn’t see this coming before she started the show. But anything is good television according them.
Joe Giudice’s buddy:
“On July 30, 1996, Joseph Mastropole was found guilty of violations of N.J.S.A. 45:15-17(o) (commingling) and N.J.A.C. 11:5-1.12 (failing to maintain trust account records and ledgers and failing to make quarterly reconciliations of his trust accounts.)”
http://www.njstatelib.org/digit/905/r287/Fall1996.htm
And Carol’s friend, Bernie Kerik, now in prison for tax fraud and lying:
http://abcnews.go.com/Blotter/bernie-kerik-nyc-police-chief-reports-prison-tax/story?id=10668394
can’t Bravo do a better job picking a cast for their shows?
INSANE!!
where were the credit checks to allow them to borrow so much. who co-signed for them? I still believe something is illegal; perhaps money laundering, etc.