According to NJ.com, the couples bankruptcy is coming to a close and the bankruptcy trustee entered his final report. According to the report, Teresa and Joe Giudice have only paid $7,500 of their million dollar debt and still owe a whopping $13.4 million to their creditors. Once the Bankruptcy judge signs off on the trustee’s final report and the case is finalized, creditors can once again pursue their claims and recoup what’s owed to them.
That means their debt will NOT be ELIMINATED. The creditors can place liens against everything they own and garnish their Bravo paychecks, endorsement deals and book deals. The couple will be paying off the $13.4 million dollar debt for years to come. According to NJ.com, the final report states the trustee was able to secure $15,000 from the couple as an alternative to seizing and selling off their household goods and furnishings, but most of that went toward bankruptcy administrative costs.
On March 4th, the couple pleaded guilty to a litany of serious felonies; wire fraud, mail fraud, loan application fraud and perjury. The couple stole over $5 million from numerous banks. However, in spite of their legal drama, Teresa and Joe continue to live lavishly, splurging on luxury vacations, expensive gifts and extracurricular activities for their kids. The couple exhibit classic sociopath traits. They have no remorse or guilt for their actions or the people they hurt.
On the RHONJ they live large — in a 10,000-square-foot McMansion full of garish baubles and expensive toys in an ode to the bad taste and excessive spending that has made The Real Housewives of New Jersey a Bravo hit. However, the documents uncover that the Giudice’s have no equity in anything they own. Allegedly, they purposely borrowed against properties they owned and drained them of equity then filed bankruptcy (which is illegal).
– $1.7 million house — $140K in equity
– Two other properties — no equity
– Luxury Cars: aserati, an Escalade, a Ford 350 — no equity
– Luxury Toys: Sea-Doo boat, Kawasaki quad, 2 go carts and other stuff — no equity
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The Guidice Mansion in Towaco, NJ
The Giudice second home on the Jersey Shore
Before Teresa got on the Real Housewives of New Jersey in 2009, the Giudice’s lived in a small humble house in Paterson, NJ. Their house was nothing like what you see on TV — it was tiny, with linoleum on the kitchen floor.