NJ Housewife Teresa Giudice Is In MORE Financial Trouble!

Fri, July 23, 2010 12:01pm EDT by 10 Comments
Getty Images

Getty Images

Not only is Teresa’s mansion in foreclosure but now she and her family are under investigation for concealing financial records!

Teresa Giudice needs to start balancing her checkbook! The Real Housewives of New Jersey star not only filed for bankruptcy in the amount of $11 million but now the bank believes the Giudices have been hiding their true financial records!

According to documents filed June 30, Teresa and her husband Joe allegedly failed to accurately list the money they made from several of their businesses! Remember the pizza parlor Teresa and Joe flaunted this season? It turns out they never listed their profits, along with Teresa’s clothing line TG Fabulicious LLC, and her cookbook Skinny Italian. The Wall Street Journal reports the Giudices also “undervalued” several luxury assets, like a pool table which they listed at $1,000 and their wedding bands which they say only cost them $400. Who do they think they’re fooling?!

John Sywilok, the trustee responsible for distributing the Giudices’ assets to creditors, wants to hold a public auction at the family’s ostentatious Towaco, NJ mansion.

Teresa’s attorney, Jim Kridel, says all of these allegations are false and that there’s no need for an auction.

“You can’t sell used, personal property for the sticker price,” says Jim. “A $5,000 chandelier won’t sell for $5,000. Nobody will buy a used mattress. The real issue in bankruptcy is, what’s the value of everything? And at the time of the bankruptcy, these things didn’t have any value.”

Doubtful, but let’s hope Teresa and Joe can get their finances in order before they have to move into one of Joe’s apartments.

— Chloe Melas