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Teresa Giudice Bankruptcy

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Less money, more problems! I guess every penny counts when you're about to go to prison and owe the feds a zillion dollars! And I guess when you've already pulled a big, humogo scam a little, bitty one doesn't hurt, right?

Teresa Giudice and fam were at the beach this weekend soaking in some of the last hot days of summer. Sadly, like all things Real Housewives of New Jersey, an innocent gathering quickly turned into a hot mess needing police involvement! 

Here's the story from TMZ: Teresa and Joe Giudice were at Ship Bottom beach on Long Island with a ton of friends and family, including their kiddos and parents. Unfortunately the beach requires $5 entry fee per person and somebody didn't wanna pay no stink' $5 dollars! (TUH-REE-SA!)

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Teresa and Joe Giudice arrive at federal court

Teresa Giudice is getting a lot of attention as of late for her alleged criminal activity.

Earlier we wrote that Teresa and Joe Giudice had hired separate defense attorneys to combat their fraud indictment. We speculated that it seemed uncommon to have separate attorneys as a married couple fighting the same charges and I commented that I believed Teresa and Joe were planning to have him take the heat so she could try to avoid a more serious punishment like jail time. Remember, Teresa has no priors. Joe, well – you know… 

In response to our story a criminal defense attorney (who does not represent Teresa or Joe) reached out to us to clear up some aspects of how the legal process works. The attorney we spoke to explained that it's "very common in criminal proceedings" to hire separate attorneys. Apparently many judges will not allow both parties to share legal representation because "as individuals, they have separate interests and those interests need to be protected."  

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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?

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