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

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

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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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jesica

Posted at 12:40 PM on September 17, 2012  

that’s what happens when you live WELL beyond your means. They are all crooked liars anyway and their kids are homely spoiled brats

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Mike

Posted at 3:24 AM on July 20, 2010  

Teresa Giudice is so freaky looking. And her poor daughter, she looks like her :(

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smoothskin

Posted at 11:55 PM on July 19, 2010  

Teresa i can,t stand that BITCH she think she bad and have the perfect life. Her husband does not have a back bone he is a weak ass man. Man up. Get a job mrs.teresa you are not to pertty to work. COKE WHORE

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roma

Posted at 9:58 PM on June 25, 2010  

Manzos = Mafia
Teresa and husband = Mafia

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roma

Posted at 9:57 PM on June 25, 2010  

Much like the Manzos i do beivele that teresa and her family are in the mafia, never bought that her husband made all this money in the real state business when if flopped 3 years ago and last year first show she was spending tons of money . I think that’s why they dont like danielle and want her out of the show.I really would like to see all of the Manzos of the show personally i think caroline is a very hateful person and so is teresa.

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roma

Posted at 9:51 PM on June 25, 2010  

Tersa is such a liar she just doesnt want to pay up what she owns to everyone invloved in this shame on her i like thief really she spends so much money over and over again. hope they lose their home too, she is a mean spireted girl and has family member suppoting her yeah right mafia that is im sure.

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Karen

Posted at 3:05 PM on June 19, 2010  

That she receives $120,000.00 a year in family assistance means her dad is supporting his spoiled daughter by giving the maximum allowed by law each year. He is rich and gifts each member of T’s family $12,000.00 and his wife does the same. Five people (in T’s family) times 2 (parents) equals 10
times $12,000.00 equals $120,000.00. A nice sum but not enough money for the extravagant lifestyle they live. How much do they earn on Bravo?

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Just Sayin'

Posted at 4:14 AM on June 9, 2010  

I do not believe these people are really broke–give me a break!

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Jean

Posted at 7:21 AM on June 8, 2010  

No, people, it is not about the economy, it is about these morons buying a multimillion dollar home, and buying thousands and thousands of dollars in clothes at a time and spending like idiots. Have you seen how in debt these idiots are…and how society will have to probably suck of the debt of these idiots because they just blow millions these don’t have…..what a$$holes!!!

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Angeliz

Posted at 9:43 PM on June 5, 2010  

Wow ..with this economy people should start assmilating the new changes that come with it … sometime as a family u should be more careful with the way that u invest ur money ….They just need to accept their new reallity in a mature way and live a cheaper life style !! Theres noo need for a person to spent that way … !!! THat their foult now they just got accept the consecuences of their acts !!

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Sugar

Posted at 6:41 PM on June 5, 2010  

It appears most the Housewives on the different variations of this series are fake and broke.

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staubber

Posted at 4:42 PM on June 5, 2010  

Times are tough, living beyond your means, sucks to be on a reality TV show because all your faults are exposed. I can’t feel bad for them, they just need to live a bit more cheaply and have a HUGE garage sale!!!

The funniest thing about this picture is Joe with his car eys in his hand, typical guy can’t wait to leave!!

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p. smith

Posted at 10:53 PM on July 6, 2010  

I think it’s all an act, I don’t think they spend that
way all the time. I think it’s just a one time deal for
T V I don’t think by now, they are over spending;
They are just trying to keep up with appearences.
They for sure learned their lesson, belive me.
Like them alot, inspite of all bad things say
about them.

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