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Teresa Giudice Bankruptcy

If you have been following the news reports about Teresa Giudice for the past few months, and have recently wondered if things could possibly get worse for the Real Housewives of New Jersey star, we are here to report the answer is yes.

The media outlet RadarOnline has uncovered some new documents filed on Thursday by Roberta A. DeAngelis, the US Trustee overseeing the bankruptcy petition of Teresa and husband Joe Giudice, basically asking the Judge in the case to dismiss the Giudices’ Chapter 7 bankruptcy petition because of fraud.

The main fraud accusation has to do with that little known book Teresa wrote titled Skinny Italian. The accusation is that Teresa failed to disclose the $250,000 advance she received from her publishing deal with Hyperion, which might explain why she went on a $60,000 shopping spree just days after filing.

This is fraud because the contract Teresa signed has been uncovered, and it is dated October 22, 2009, which is exactly a week before she filed for bankruptcy on October 29, 2009 to the tune of $11 million in debt. “The Defendants have knowingly and fraudulently made false oaths in this case” states the court documents.

Popeater also reports that while Teresa acknowledged in an April 2010 examination under oath that she received the book advance, her legal team failed to officially update court records about the newly disclosed assets.

Other assets the couple is accused of concealing include a bank account of Joe’s, two pieces of real property, vehicles, the ownership of an online boutique called TG Fabulicious, as well as Joe’s 1601 Maple Avenue Associates, LLC.

The complaint also accuses the Giudices of presenting false income tax returns to the bankruptcy court. And as the days go by, prison time is starting to look like a real possibility for the Giudices, that is if the feds decide to file fraud and perjury charges against them.

As if this wasn’t humiliating enough, RadarOnine is also reporting today that Teresa will be hosting a table flipping contest in Delaware on September 25. The site states “Teresa will appear at the Funky Monkey in Wilmington Delaware, where she’ll hold a meet-and-greet with fans and invite women to flip a table for a prize.”

TELL US – WHAT ARE YOUR THOUGHTS ON THE LATEST NEWS ABOUT THE GIUDICES?

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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.

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