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Teresa Giudice Bankruptcy

Teresa and Joe Giudice arrive at federal court

Teresa Giudice and Joe Giudice have just left court!

In the brief hearing, which lasted about an hour, the Real Housewives of New Jersey stars were each released on $500,000 unsecured bail bonds by a federal judge. 

Per the terms: Teresa and Joe "must surrender their passports and they are not allowed to leave New York or New Jersey until their next hearing, which is scheduled for Aug. 14."

The hearing also revealed that Joe is not a legal U.S. Citizen despite being married to Teresa for 15 years. Joe was born in Italy and will have to submit to drug testing. Teresa will not.

A witness tells Us Weekly Teresa and Joe were "very solemn" during the hearing, but there were "no tears" and their demeanor was "very professional." 

[Photo Credit: TNYF/WENN.com]

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Teresa and Joe Giudice arrive at federal court

The Giudices are back in court again today because yesterday they were indicted for fraud! How's that for a hot date away from the kids!

The Real Housewives of New Jersey stars are being accused of 39-counts of various financial based fraud including wire fraud, loan fraud, federal tax evasion, mortgage fraud, bankruptcy fraud… you get the gist of it! 

Apparently facing time in the slammer doesn't make Joe Giudice feel too good. As the couple waded through a sea of photographers eagerly awaiting to hear their response to the fraud allegations, he started throwing punches! 

NorthJersey.com reports that they were more than an hour and a half early to court. Teresa Giudice wore white. Ha! That's like a shotgun wedding honey, the jig is up and you're no innocent. In the sea of photographers Joe lashed out and "swung" at one of them "hitting a photographer's camera". "Calm down, Joe," his lawyer, Miles Feinstein, was overheard warning. "Don't do that."

Joe and Teresa then walked in to the courthouse linking arms around 8:20 am. 

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Teresa Giudice Book Signing At Books and Books

Yesterday it was announced that Teresa Giudice and her husband Joe Giudice were indicted for 39-counts of federal tax evasion, bank and loan fraud, and bankruptcy fraud among other charges. 

The federal government alleges that the Real Housewives of New Jersey stars intentionally withheld and falsified financial information in order to obtain mortgages they could not afford then they failed to honestly report earned income to the IRS. Then upon filing bankruptcy they lied about income, assets, and potential income. All in all they are in biiiiig trouble, little Jersey! 

It's interesting that despite Teresa being a stay-at-home wife and mother during that time she signed and submitted loan applications claiming she had income and a job.

Another interesting fact: Teresa and Joe have SEPARATE attorneys in the matter. Which is uncommon considering they are a married couple who filed Chapter 7 together and Joe was presumably the sole breadwinner during the timeframe. 

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Whoa! Teresa Giudice better like the color orange cause she may be joining hubby Joe Giudice in the slammer!

The Real Housewives of New Jersey stars were officially charged this afternoon with a 39-count indictment of "allegedly conspiring to defraud lenders and illegally obtain mortgages, federal authorities said this afternoon," reports North Jersey.com. In addition they are accused of hiding assets and income during their bankruptcy case.

SEE THE LEGAL DOCUMENTS Guidice, Giuseppe and Teresa Indictment

Teresa, who according to witnesses, displayed a subdued attitude, continued to stand by her husband who is accused of the bulk of the issues. “Today is a most difficult day for our family," Teresa told the judge. "I support Joe and, as a wonderful husband and father, I know he wants only the best for our lovely daughters and me." 

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Following in the footsteps of her husband, Real Housewives of New Jersey star Teresa Giudice has also withdrawn her bankruptcy petition.

If you recall, Teresa and husband Joe Giudice shocked viewers back in 2010 when it was revealed that they filed bankruptcy to the tune of $11 million in debt. Shortly afterwards, the two were accused of bankruptcy fraud by their trustee John Sywilok, who accused them of concealing assets and hiding income. By the way, concealing assets just happens to be a federal crime.

In a move to likely avoid persecution, Joe first withdrew his bankruptcy bid back in September, after pleading the fifth amendment during questioning by the trustee.

Following Joe’s move the Giudices’ lawyer told PEOPLE magazine that Teresa would soon follow, stating she felt “vindicated” to be voluntarily paying her remaining debts rather than go to jail have them discharged in bankruptcy court.

The NJ Star-Ledger is reporting that in addition to withdrawing her bankruptcy, Teresa has also settled the lawsuit by the trustee by acknowledging that she wishes to resolve Sywilok’s proceedings against her “without the need for further inquiry or litigation, and without her making any further admissions.”

Teresa’s attorney Jim Kridel stated back in September that Teresa was now making enough money to pay off her debts, while also adding that most of the debt in the bankruptcy belonged to Joe. Safe to say the system won this go around.

In other RHONJ news, Tre’s sister-in-law Melissa Gorga recently revealed she is now selling T-shirts with some of her catch phrases written on them such as “Thank you Jesus” and “On Display.”

“We are selling a lot of “Thank you Jesus!” shirts of my website this week! Guess its for Christmas gifts! Send pics! Xo, melissagorga.cotweeted Melissa last week. Pictures of those T-shirts are below!

TELL US – THOUGHTS ON TERESA WITHDRAWING HER BANKRUPTCY BID? WOULD YOU BUY ONE OF MELISSA’S T-SHIRTS?

PICTURES OF MELISSA’S T-SHIRTS ARE BELOW!

Well, I’m excited to finally report some positive news concerning Teresa Giudice’s finances!

As you recall, on Monday the Real Housewives of New Jersey star’s husband, Joe Giudice withdrew his bankruptcy filing after controversy over allegations the Giudices had lied about their assets and income at the time of filing. Joe was at risk of facing criminal prosecution related to bankruptcy fraud. Teresa still potentially faces those charges, as she has yet to withdraw her filing, although sources report she is planning to.

Now, onto the positive! In a new interview for PEOPLE, Teresa’s attorney Jim Kridel reports “Teresa and Joe are happy about this,” and Teresa feels ” ‘vindicated’ to be voluntarily paying her remaining debts rather than have them discharged in bankruptcy court. (They will move to settle the case later this week.).” Wait – what?! Did I read that correctly?! Why, yes, yes I did.

Mr Kridel continues “Teresa has always wanted to be able to say that she paid her creditors.”  The Giudices however had a hard time doing that as they owed a seemingly insurmountable amount of money related to multiple mortgages on several inner city apartment buildings, bills for building materials, and the balances on their various credit cards which accumulated to about $11M in debt according to their bankruptcy filing.

“Almost all the debt in the bankruptcy was Joe’s debt,” Kridel claims. Apparently, the smaller debts and credit card bills, which totaled around $100,000, were attributed to Teresa, and her lavish spending and out of control need for anything covered in glitter, lace, or marble, who “wanted to pay,” however once the Giudices filed bankruptcy their creditors were not allowed to be paid “preferentially.”

The article explains that as of now several of the banks have been repaid from the sale of the apartment buildings listed as a liability in their bankruptcy filing and Joe has also paid the $586,000 claim against him from his former business partner through a building’s sale; leaving the Giudice’s remaining debts “within a manageable range.”

With her many business ventures (including a make-up line and bottled cocktail) Teresa is no longer completely broke. Teresa “may not be able to pay all [her creditors] with one check, but she can pay them back. She wants to do the right thing,” her lawyer articulates. No word if Joe is currently employed, but at least his wife is bringing home the bacon and attempting to spend it wisely!

According to Kridel, who gave this interview with dollar signs in his eyes, “The cost of litigation might exceed what she owes.” Well, hopefully they won’t default on that bill…

Photo: WENN

Do you believe Teresa that she wants to repay her debts? Are you as shocked as I am that she supposedly wants to do the right thing? If Teresa does, in fact, repay her creditors the old-fashioned way would this give you a more positive opinion of her?

Bankruptcy, what bankruptcy?

Exactly two years after filing bankruptcy in 2009, to the tune of $11 million in debt, Joe Giudice withdrew his bankruptcy filing on Monday in a New Jersey court.

The NJ Star-Ledger was the first to break the shocking news regarding the Real Housewives of New Jersey star. So why did Joe abandon his bankruptcy bid? Well it all has to do with the accusations levied against him and his wife Teresa Giudice by their bankruptcy trustee John Sywilok.

About a year after they initially filed, the trustee accused them of hiding assets, and concealing income amongst other things. The Giudices were accused of concealing assets including three vehicles, a boat, properties in Hillside, the family pizzeria, a laundromat and apartments. Teresa was also accused of hiding income including a $250,000 advance she received for her bestselling book “Skinny Italian.”

While in court, Joe abandoned his quest to have his millions of dollars in debts forgiven in federal bankruptcy court. The Ledger reports the change of heart came after he invoked his Fifth Amendment rights against self-incrimination during questioning by the trustee for his creditors about assets, income and business interests he is accused of hiding from the court.

The judge signed off on the settlement between Joe and the trustee. The court order reads, “The defendant Giuseppe Giudice acknowledges his desire to resolve the matter without the need for further inquiry or litigation, and without making any further admissions.”

However, the agreement signed by Joe does not apply to Teresa. Though it’s likely Teresa, who has been raking in the dough since filing bankruptcy, will end up dong the same.

So why did Joe make this decision? More than likely to avoid future criminal prosecution. Joe and Teresa were scheduled to face trial over the bankruptcy fraud leveled against them. If they had been found to be in the wrong during that trial, the next steps would have been a criminal case.

“They are really cracking down on bankruptcy fraud,” said bankruptcy lawyer Leonard C. Walczyk. “It is a real hot issue.”

So to sum this up, Joe is now responsible for millions of dollars of debt while Teresa’s bankruptcy case is still working its way through the court system. The trustee is still opposing her discharge of debt. A bankruptcy lawyer reveals Joe would still be responsible for their joint debts even if a judge absolves Teresa’s liability.

As stated, it’s likely Teresa will end up following in Joe’s footsteps, you know, if she wants to avoid criminal prosecution and/or prison.

Photo credit: Steven White / Splash News

TELL US – THOUGHTS ON THE LATEST? SURPRISED BY THIS MOVE BY JOE?

In last nights installment of Real Housewives of New Jersey it’s another round of the feud that never ends (it just goes on and on, my friends), as Teresa and Melissa engage in sister-in-lawemy behavior with behind the back comments and to the face fracas. Kathy hosts a goddess get-together to debut her catering ideas, but Teresa decides that she is the only goddess there, so the party becomes allll about her! Jacqueline and Ashley argue, and argue, and argue some more until Chris reaches his breaking point! Oh, and no Joe G-to-the-orga this episode – so happy days!

Things pick up where Hat-ley and Jacqueline left off last week. In an extremely emotional scene, Jacqueline is sobbing in the basement of the restaurant while Chris tries to console her. Jacqueline asks the questions millions of viewers have been screaming at the TV for 2.5 seasons: Why are they letting Ashley have free room and board when she treats us like crap? Exaaaactly, Lauritas, exaaaactly!

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