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They say when it rains it pours, and when it comes to the financial troubles of Teresa Giudice, it seems to be storming.
First news came out that the Real Housewives of New Jersey star and her husband Joe Giudice filed for bankruptcy last October to the tune of $11 million in debt. Then the NYPost also reported the Giudices’ finances was being investigated by the IRS. News of a $1 million fraud/forgery lawsuit against Joe by his ex-business partner also made headlines.
Fast forward to today and there is now a new story from Zap2It, via the Wall Street Journal, stating the Giudices are being investigated for concealing some of their assets during their bankruptcy filing.
The accusation comes directly from their Chapter 7 trustee John Sywilok, who is responsible for rounding up the couple’s assets in order to distribute payments to their creditors. Sywilok is investigating them for concealing income and assets.
They alleged assets & income concealed include:
- Interests in a pizza parlor and Laundromat,
- Teresa’s TG Fabulicious clothing and accessories company, and
- Teresa’s “Skinny Italian” cookbook, which is a New York Times bestseller
Sywilok also accuses the couple of making false statements under oath about their assets, income and expenses. Perhaps some of our readers knowledgeable in law can comment on the seriousness of this accusation. Is it right up there with tax evasion?
But the financial troubles still doesn’t end there for Teresa and Joe. While Teresa continues to try to convince us her home is safe, despite the fact that it was publicly listed for sale last month, albeit briefly, it seems the contents of her home might be in serious jeopardy.
The trustee is also trying to hold a public auction for the contents of the Giudices $1.7 $5 million NJ mansion, which happens to be the home they live in.
The auction has already been set for August 22, and up for grabs will be the couple’s home furnishings, accessories, tools and a boat.
Ironically enough, Teresa, who might or might not be completely out of touch with reality, is in this week’s issue of InTouch magazine showing off her home. Teresa tells the mag, “We had our house built with nothing but marble, granite and onyx.” She adds,“I don’t think you can ever have too much of that. I could’ve had even more.” And folks, we simply can’t make this up.
TELL US: WHAT ARE YOUR THOUGHTS ON THIS STORY? DO YOU FEEL BAD FOR THE GIUDICES OR DO THEY HAVE NO ONE TO BLAME BUT THEMSELVES?
Lck: You’re right about certain provisions of bankruptcy varying state to state. One is that in some, the value of your primary residence has no bearing, whether it’s worth $250,000 or $2.5 million. Some states allow a total of the value of furnishings (depreciated, of course) to equal twice what other states do. Some states allow the wife’s engagement and wedding rings (no matter what the value) to be excluded from the estate.
Good point!
Sam: Have not seen the book, but wonder since you have: is there anything, ya think, that could be a cause of a slander suit by Danielle against Theresa = was Danielle’s name mentioned or??
Elaine: Great point(s) about usually creditors don’t appear in the hearing (they just assume they’ll write it off), but since as you alluded to, some of Joe’s creditors were business partners and such and were going to be left with sizable debts and might as a result have to declare bankruptcy themselves as a result of Joe’s filings, they may very well have showed up. Even if they hadn’t, with all the new info out there, they will surely be attending any and all new hearings.
Elaine, to add to your comment about Gia’s rude awakening:
What will Gia do when the trustee and the auctioneer start the bidding on Gia’s ATV? How will mommy Teresa explain this one?
@152 Sven
AsI mentioned in my post about Teresa Book..
Iactually have the book, and to answer your question ..NO
@ Sven 152 The posts I’m referring to are #30 and #40
I’m Just Saying and Elaine:
After all the hoopla in the media, and the current trustee’s questions, I think someone (probably Joe’s business partner and the one who claims he forged his signature to a loan), will be going over the Bravo tapes (unedited) which will show any and all items of furnishings or clothes or whatever she or he bought, the “chinchilla rug” she wore at the CC, jewelry she wore, etc.
Dyana: Thanks again. You always have the “factual information” where I am speaking from hearing rumors and innuendos or mis-information.
Thanks for saying there was nothing in Teresa’s cook book that in any way specifically slandered Danielle.
How is it you’re always on top of things – and I mean that in a
“Bravo” to you kind of way!
@157 Sven
I’m not on top of anything.I don’t know any more than anyone eles reading these Bravolebrities Blogs and Twitters, and such.
I just happen to have Teresas’ and know exactly what it says.
Dyana: Well, to me, you are a great wealth of pertinent and factual info that I miss and I appreciate you helping me to make sense of the non-factual non-sense out there.
For all: since I’ve been on a “chat roll” or whatever today, I’d like to add my two cents and emotionally and personally felt feelings about the really good things about being able to file for bankruptcy from a personal perspective:
I was forced to file for Chapter 7 because of becoming medically disabled and having to file for Social Security Disability 8 years ago.
Because the process can take years to complete, in my case 6 years, because my first judge got cancer and all this cases were referred to others (Murphy’s law, so they say), it took me all that time to get my case decided in my favor.
In those years waiting to get my benefits (which I had paid into for 35 years), I was forced to deplete my retirement savings ($75,000) which had been $160,000 before the tech crash, and then as one can image, using credit cards and such to simply meet my mortgage payments and utilities to exist.
This worked out to about $15,000 a year – not a hefty sum to live on. But I had no choice because the government held up my Social Security Disability for all those long years.
I had no choice but to declare bankruptcy – plus I was taking care of my mom who was disabled and in a hospital.
So – it does happen – people find themselves in situations they never thought they could be in due to medical or whatever situations – not as a result of spending and spending without end, as the Giudices seem to have done.
And that’s where the bankruptcy law comes into play – it’s supposed to be there for people who THROUGH NO FAULT OF THEIR OWN, really need it.
Gosh, I hope I’m done drivelling on today, my emotions got away from me and I hope this is the last comment I will ask you all to bear with. Probably cuz my need for bankruptcy and the Giudices’ twisting the law make me mad and sad.
Bankruptcy law and filing is for people really in need who have no way out and are just praying for a way to get out from under and start anew.
What it appears the Giudices may have done is, as Teresa said they went to a credit counselor months before their filing and then sought bankruptcy counsel last fall, she kinda admitted they had been counseled on the law and all several months before they actually filed.
Knowing this, they would have been counseled that any new debts in the months prior to declaring bankruptcy would also be written off.
However, they would have been counseled, as well, that if it was proven they took on new debts, especially, non-essentials, such as ATVs, clothes, etc., any of those debts could be considered to be evidence of fraud – running up debts to purchase items and then having the amount they owed on those new purchases dissolved in a Chapter 7 filing. This may be something the Court will look at – how much and what kinds of items did they purchase in the year leading up to their filing and what items were purchased after they first sought credit and then bankruptcy counsel.
All I will say the girl from Patterson is a LIAR…..
Someone is losing their angel wings…HA HA HA !!!
Okay, I lied, my last tirade – one of the reasons the Congress changed the bankruptcy law a few years ago so it would benefit the creditor more than the debtor (perhaps 5 years ago?) was that banks and credit card companies lobbied the Senate and House that there were more people out there like the Giudices who used the law to take advantage of it than the people who really were in need of relief.
The lobbyists for the banks won and the Bankruptcy laws were changed to make it much much more difficult for people to declare Chapter 7 over Chapter 13 in personal bankruptcies.
Although, ironically, the corporations, who also paid big money to members of the Senate and House, didn’t suffer anywhere near as much in their ability to declare Chapter 11 and get all the same provisions to escape repayment of debts as they had always.
Money talks; nobody walks (well unless they have a rich lobbyist).
To Anon: This is probably why you may have been forced to declare Chapter 13, when if you had filed 6 years ago, you would have been allowed to file Chapter 7 without any question.
Sven…your posts are always very thoughtful & informative. I do enjoy reading them. You & @55 anon, are examples of exactly why we have bankruptcy laws, to protect hardworking individuals that have had hard times due to unforeseen hardship. I hope things have turned around for you.
Lck: Thanks, I need that! Just as “Anon” said he/she appreciated all the kind words sent his way.
It’s really tough when one has to admit they have to seek help thru the bankruptcy laws because they have no other way out.
I used to make $60,000 a year (course living in DC, that’s not a much as living in say, Iowa), but it certainly allowed me to live comfortably.
When your 60, you’ve worked all your life and planned for your retirement and have it all ripped out from under you, it’s more than tough.
I think of the people living on the Gulf Coast, the people in foreclosure thru no fault of their own, etc. and then I look at Teresa and Joe and I just want to cry.
Sven…that is rough. What most people don’t realize, it can happen to almost anyone. A few bad turns and there you are. I am also pretty discusted with with T & J. Their actions are what gives everyone else a bad name, and it is not fair.
Sven..I’m sorry you went through that.
Sven and Lck , The Guidice’s are not going to get away with anything..If they did anything wrong it will be dealt with by the authorities.
I’m waiting to here what their lawyer has to say about all of this. I’m thinking there should be some kind of statement..Maybe I’m wrong.
Will they be allowed to keep their beds?
Depending on the results of IRS investigation, Joe AND Theresa could face criminal liability for tax evasion. The misleading statements in bankruptcy pleadings could leading to perjury and contempt of court charges.
Dyana…I agree. The lawyer should probably make a statement. The “in denial” thing isn’t working for them. They are making it worse for themselves.
Hi Sven – According to the Trustee’s pleading on The Smoking Gun, both T & J are Chap. 7 debtors.
@169 Your right Lck.
Who was that rich woman from NY that bragged on 60 minutes that paying taxes were for the little people … then the IRS prosecuted her and she was thrown in the pokey. In was in the late 70s or so.
@172 Was it Leona Helmsley.. or something like that
YES! Dyana, that’s right!! The Guidice’s arrogance is the same to me.
@174 Wow Calli..Good comparison
Here’s the rub…
Robert Lockwood Jr. was born in Turkey Scratch, Arkansas in 1915, not in Ohio, but of course, as his ‘manager’ you would have known that, wouldn’t you?
How about this little tidbit – do you recognize it by any chance?
“I just want to throw up volumes of barf watching NJ Housewives.
Thank you Bravo for making my life horrible! I’ve kept tuned in to OC and NY and have taken a pass on Atlanta, but this show…….
I would like to picket your studio for exposing us to this – these women are the grossest of the gross – Every show of NJ made me want to vomit – say again VOMIT~No, I did not, do not like this show. I think ALL these women are despicable and and their husbands, too. Is the producer of NJ Housewives a woman? Can’t imagine! Or is he/she a woman hater? Well, you made all women of NJ hate themselves and some other women in America, as well – thanks for nothing!” (The date on this little goodie? June 1, 2010)
For someone who has expressed this strong opinion of this show, why are you still watching? It’s hard to be a credible authority on EVERYTHING, and difficult to be a sympathetic character when EVERY situation is related back to you…
@RadicalStar lol
@RadicalStar
LMAOOOOOOOOOOOOOOO!!
U get the IMJ slayer award of the day!!!
Will they be allowed to keep their beds?
If only they got bed bugs!!!!!! of the worst kind!!!!
lmaoooooo
@145 Nimeo Thank you for the kind words.
I hesitated to post that as I realize how lucky we are. Not everyone can come out of the health and wealth close call we had as luckily as we did.
I give all the credit to my husband as he was strong for all of us and I am the luckiest girl in the world.
My heart goes out to those of you that have suffered due to health issues as I know how devastating it can be in many different ways.
God bless you all.
@152 Sven-Danielle’s name was definately mentioned. It was the title of the pasta dish and she specifically says she’ll explain later why she could never name it after any of her daughters. Joe also says Danielle’s first and last name and references how they decided to get it on in front of their children and how Danielle intiated it.
I’m not a lawyer, but if Danielle’s lawyer doesn’t bring it up I’d have to ask myself why because it is mentioned and the inferance is pretty clear to me.
Again I have the book..
Joe’s tid bit mentioned Danielle’s first name, not last.( but does it matter we all know who it is)Just as he mentioned Steve’s first name. He said Steve apologized and blamed Danielle.
They all have talked about each other in their books and written and spoken interviews.
Dyana,
I’ll defer you on the joe part where he says her name. I didn’t buy the book. I only read it at Barnes and Noble.
Greetings everyone, away for the weekend but back now. I have to read stuff and play catchup. Hope all had a great one.
Calli: Do you know if Joe and Teresa filed a “Joint Chapter 7 Filing” or “Individual Chapter 7 filings”?
If anyone finds a link to the docs, please let me/us know.
P.S. All bankruptcy filings, as are all court filings, are public documents once filed and are therefore accessible by anyone. However, one has to pay a fee to access them thru the court system if one accesses them individually. Hope there out there somewhere on the internet…
Asked and answered, numerous times.
Dyana and Calli: That you both thought of Leona – I was remembering that myself last night, as well as Martha Stewart’s case. I remember thinking re: Martha that she took insider information to sell stock in a company only to save some piddling amount of money compared to all she was worth. I think it was only something like $40,000 or so? I lost half of my $150,000 invested in tech stocks, as do so many others. And that’s all I had. She had millions!
Joan: Were you sending that to me? Yes, I used to be Robert Jr. Lockwood’s manager, but I never mentioned that on this site, did I? I’m confused. But I was his manager back in 1984-1986, along with the other members of the band he/we put together, the All Stars Blues Band, with Lonnie Pitchford and Theotis Morgan, and Sam Myers, also all passed away.
Please clarify?
Joan, re-reading your post, yes, I think you must have directed it to me.
What are you so mad at me about?
Martha Stewart has nothing to do with the Guidice bankruptcy. Why she would even be mentioned in this thread is pretty inconceivable. I’ve not heard anything about a bankruptcy in either Martha’s history or in her future – is there something we don’t know about?
I was reading a story about this woman that had told these wild tales about travelling the country showing cats, then she had another story about producing various festivals, and doing work on the Anna Nicole case, then she claimed to be close friends with several well known musicians and part of the Vietnam Peacenik movement. She was always giving advice and inserting herself into other’s tragedies so that she could play on the sympathies of others. It turned out that there was really nothing that interesting about her real life and she was simply trying to make herself into something that she really was not. In alot of ways, she exhibited the same tendencies as someone with Munchausen by Proxy syndrome. She was only searching for that little bit of notoriety, and by no means was she intentionally causing injury to someone else, she simply wanted to be liked so badly that she made up stories just to fit in. The story ended because it turned out that the people she was telling all of these stories to really didn’t believe her and did some research and found out that she really wasn’t all she wanted everyone to believe she was.
It was an interesting story, but after a while, she buried herself because she couldn’t remember what she had said and she wound up sinking herself.
To Everyone – this is scary: and to Joan at 189 and some other posts you posted today and yesterday?:
I have no idea how you, Joan, know so much about my life, which you very well synopsized (is that the right word?) in your posts about me today and yesterday?.
But, it scares me that you have stalked(?) my posts on other sites and brought all of them here to this site, where you just started posting to yesterday.
Why are you following my posting history on the internet?
And why are you posting my history of my life on this site?
In answer to your questions AND to everyone else:
Yes, I was a Siamese cat breeder and cat competitor/shower and won best in show many times between the age of 8 and 13 years old.
Yes, I did produce many festivals, including being the Administrator of the Louisiana Folklife Pavilion at the 1984 Worlds Fair in New Orleans, the Border Festival in El Paso, Texas, the National Folk Festival, and others.
Yes, I worked on the Anna Nicole case with other paralegals, attorneys and secretaries and PIs on the internet sites devoted to bringing the people who were somehow responsible for her demise to answer in a court of law.
Yes, I have managed and worked with and have known many musicians and craftsmen and craftswomen and purveyors and keepers of the light of American folk traditions over the years for many years.
Yes, I was against the War in Vietnam and marched on Washington during the moratorium.
I do play on the sympathies of others because I hope to find friends of the same ilk but for friendship, not sympathy.
I do believe I had an interesting life – but that’s just me!
I don’t have Munchausen by Proxy because I never raised a child or had a child in my care thru fostership or adoption or by birth.
Yes, I do seek being liked by others and I admit I did seek notariety for a time being – like when I took on the job as Administrator of the Folklife Pavilion at the Worlds Fair, but all the musicians and artisans I ever worked with will tell you, I did not, ever get too full of myself; and I never let it go to my head. I was first and foremost a behind the scenes supporter of all the people I tried to get notariety for. I never sought the center stage – I always deferred and turned it down. Anyone who has ever worked with me will tell you that, unequivably.
I’m baffled by why you have attacked me on this site — what’s the rub? Why are you mad at me?
Sven
All the info. joan is speaking of you have mentioned on different threads ( regarding NJ.) on this site( RT).
Dyana: Thanks! I forgot and I didn’t realize that I had, in fact, shared it all here. My early altzheimers playing tricks again –
and no, Joan, it’s not a plea for sympathy, it’s just a fact. Sorry that I happen to have a problem. But I accept it; I have and do.
Again, thanks Dyana for being my memory cell!
Well, what I’ve learned from these postings today is I should not have and I will try not in the future to share snippets of my personal life – I had hoped to gain friends and oh, I don’t know, maybe Joan is right – sympathetic compatriots, but, it back-fired on me – I gained enemies instead.
So, whatever, I will just learn from my mistakes and perhaps I was too egoistic – who knows. If anyone was offended or found me to be too full of myself, honestly, I didn’t mean to be that way, but I can see how some or many of you did take it that way, so I will back down and be low-key.
These two give me a migraine! They’re unwilling to tell the truth, and IMO it’s because they believe they’re above the law. Well believe me, there’s a rude awakening is just around the corner.
Just been catching up…been out of town for a couple of days..
@Sven…I don’t know exactly what’s been going on, but just want to let you know that I enjoy your informative tidbits. I’m happy for you that you’ve found somewhere to share it.
Peace
Where’s my girl joan!?!…..
xo
I’m here dahlink! How are you? Do you perhaps have a means to chat via IM?
j
Sven,
For your information, EVERYTHING in my post is from what you have said about yourself and is on view for everyone to see and read and re-read and then read again. You accuse me of stalking you – how ridiculous can you be? I deliberately did not include your name on my posts, did I? You recognized that what you have posted and posted and posted finally came back around. If you are so afraid, why on earth would you tell this much information about yourself? I was hoping that you would take the hint and stop making everything about you. You outed yourself by claiming you’ve been stalked.
While the stories that you relate may be true, you don’t have to be a part of everyone’s story just to be relatable. Sometimes people tell stories about themselves to find common ground, but you’ve begun to put yourself in the middle of every story. If you want to be liked, be yourself, not part of everyone else. You want to find friends on an anonymous board by trying to relate to the other posters, and that’s ok. Instead, you wind up being remarkably like Danielle by wanting so very desperately to be their friends!
You don’t ALWAYS have to know everything about everything and you don’t have to provide a primer on everything discussed. You want to be liked so badly that you’ve gone overboard – we can google, we can bing, we can find out what we don’t know. Your life has been jammed with a multitude of things – so has everyone else’s life. But we don’t have to teach everyone else about it. Relate to others, don’t try to be them.
You’ve related that you’ve got alzheimers, which in turn makes me a bully for speaking up. If that is the case, then I’m sorry for your troubles. I’ve related my share of stories and my share of trouble, but I’ve recognized that I cannot use those issues to take the focus off my missteps. I apologize if you believe you’ve been stalked as this is as far from the truth as it can be. I take responsibility for what I’ve said and done – some I’m not proud of and others I’d do again. This is an anonymous board for us to discuss reality show castmembers and their foibles. We relate our experiences to theirs to find similarities in our lives, but we keep our lives separate. Now we have a choice, do we live and learn from this experience, or do we leave the boards. I think that we take what we’ve learned and move forward, but that’s only my point of view. Others may certainly have other views and are free to express them, as well. I knew what I was saying when I posted my views earlier. Have a good evening, and take this for what it is, nothing more.
These two buffoons are so dumb they probably thought that owning a laundry mat was the logit way to launder money. A pizzeria and a laundry mat…really?!? Could you not be any more obvious!!!???!!! Then again, you decided to film this s*&^ for national television.
I guess I am cornfused , being from Nebraska and all…BUT..if Sven hadnt replied I would not have known what Joan was talking about….
So I guess my question to Sven is..IF you have posted all this stuff and Joan commented and posted about it WITHOUT mentioning your name…why would want to repost it all again ?? Here in lies my cornfusion….
Then again , it’s Monday and injection spine day AAAAHHHH and I am in pain and w/o Mothers Little Helpers till at least 4 p.m. EST…..BUT I do have JELLLY BEANS !!!!
The DesignDiva
to sven @162
We weren’t forced to file Chapter 13. Chapter 7 was never something we would have considered. As I said, we never went into debt thinking there would come a time that we couldn’t pay them. We knew filing chapter 13 would be a very difficult process but we also knew that filing for Chapter 7 was just as bad as stealing in our opinion.