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UPDATE! NJ Housewife Teresa Giudice Breaks Her Silence & Admits She IS Bankrupt!

Mon, June 7, 2010 7:00pm EDT by 13 Comments
Getty Images

Getty Images

The Real Housewives of New Jersey star says her family is looking for a new start by filing for bankruptcy after going $11 million in debt — yikes!

UPDATE: Teresa issued a statement confirming the rumors her family really is in major debt as reported. “While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion,” Teresa told People June 7. “What is true is that due to the economy, most of my husband’s real estate ventures failed despite his hard work and effort. As a result, we looked to the Bankruptcy Court for a ‘fresh start. When people fall, the way to success is to get up and learn from our mistakes. We are in that process.”

Good for you, Teresa! Way to bounce back!


Court records show that ‘Real Housewives of New Jersey’ star Teresa Giudice is in over her big hair in debt – and now she’s filed for bankruptcy!

Teresa Giudice and her hubby Joe may present an image of wealth on Real Housewives of New Jersey as they show off their palatial home and she drops thousands on tacky clothing and senseless high heels for her children but in fact the couple is in extreme debt – to the tune of $11 million! The New York Post reports that “the Giudices say they owe creditors $10,853,648.04.” That is a pretty serious chunk of change!

Among some of the debts rung up by table flipping Teresa and her man:

  1. $2.6 million: Eight mortgages on three homes (two of which have been turned back to lenders)!
  2. $5.8 million: Joe’s business investments!
  3. $104,000: Credit Card bills!
  4. $85,6000: Home repairs!
  5. $12,000: Teresa’s fertility treatments!

Both Teresa and her husband claim to make $79,000 a year and receive $120,000 in assistance from family – whatever that means. Recent episodes of the show have shown Teresa’s lavish shopping trips as well as her daughter’s birthday party where their daughter Gia “got an all-terrain vehicle, along with a trip to the spa in a pink stretch limo for her and her friends.” Did we mention that Gia is 9?

Perhaps the most amusing claim comes from the couple’s statement that they only spend $400 a month on clothing. They better hope whoever evaluates this bankruptcy filing isn’t a fan of Bravo programming!

-Chris Spargo


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