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Teresa Giudice Home In Foreclosure

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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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According to a new report, the Real Housewives of New Jersey star, Teresa Giudice’s home is set to go into foreclosure.

The report alleges the bank has started the procedure of foreclosing on her NJ mansion. A legal document is shown detailing the beginning process of a foreclosure. It is dated 10/16/2009.

Teresa was shown on the first season of the show moving into her mansion, and spending thousands of dollars furnishing her new home.

Teresa’s husband, Joe Giudice, also happens to be in the construction business which has been hit hard by the recession.

UPDATE: RadarOnline is confirming this is true. The foreclosure papers were indeed filed.

UPDATE #2According to the NJ Star Ledger, the foreclosure is for another property owned by the Giudices, and not for their mansion. Their mansion is still safe, for now at least.

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