Teresa and Joe Giudice, who were made famous by starring on Bravo's show, ‘The Real Housewives of New Jersey’ are in major debt. Recently released bankruptcy documents show the couple owes about 13.4 million dollars to their creditors.
Teresa and Joe Giudice, who were made famous by starring on Bravo's show, ‘The Real Housewives of New Jersey’ are in debt…big time. Recently released bankruptcy documents show the couple owes about 13.4 million dollars to their creditors.
The Giudices are certainly not strangers to financial trouble, but the newest figures go into great detail about how bad the situation really is. Earlier this year, they pled guilty to charges of fraud.
Fraudulent statements on bank and loan paperwork, hidden assets and income along with mail and bankruptcy fraud are just a few mentionables on the indictment.
In 2010, the pair filed for bankruptcy citing the impact of the recession as the reason for Joe’s struggling construction business. They had taken out huge loans, including $1.7 million to the Community Bank of Bergen County, $5.4 million to Wachovia Corporation and $1.3 million to Dime Savings Bank and reportedly couldn’t pay their debts.
The couple also owed over 800 grand in state and federal taxes. According to the Giudices’ bankruptcy trustee, they have only paid about 75 hundred dollars of their debt thus far.
A Hackensack based attorney, unaffiliated with the couple’s case commented ‘They're completely stuck with their debt… It was a terrible decision to file for bankruptcy.”