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'Real Housewives of NJ': Teresa Giudice comes clean on her bankruptcy
Over the weekend, news of "The Real Housewives of New Jersey's" Teresa Giudice's October 2009 bankruptcy filing broke. Castmate and best friend, Dina Manzo, quickly came to Teresa's defense and Teresa, herself, tweeted that she was doing fine.Now, Teresa has come out to explain her family's financial woes.
"What is true is that due to the economy, most of my husband's real estate ventures failed despite his hard work and effort," she tells People. "As a result, we looked to the Bankruptcy Court for a 'fresh start.'"
According to the bankruptcy filing in Newark, NJ court, Teresa and her husband, Joe, make only $79,000 a year combined and receive $10,000 a month in assistance from relatives.
Additionally, the reports say that their $1.8 million Towaco, NJ mansion, which Teresa obsessively blinged out in Season 1, and their Jersey Shore vacation home are in foreclosure. The news outlets also state that the Giudices have defaulted on their Cadillac Escalade and they owe $12,000 to a fertility clinic.
"When people fall, the way to success is to get up and learn from our mistakes," the Bravo star says. "We are in that process."
How do you feel about Teresa's admission?
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Let me tell you something if I only made 79,000 a year there is no way in hell I would have built a 1.8 million dollar home. 10,000 a month? What family member do you know hands out 10 grand a month so she can have a marble bathroom.
It's all 100% bull ****
Sorry that family is dirty
She has to be completely mentally ill if she believes the economy was to blame. The fact is they hardly make any money and tried to live like they had money. All the weak economy did was reveal what deadbeats they were a little faster. No matter what happened with the economy they would be bankrupt any day. They are nothing but middle-aged deadbeats and deserve the rest of their lives as penniless and bankrupt.
Teresa, either you're a moron or a liar. Your husband's business debts account for only one half of the ELEVEN MILLION DOLLARS YOU OWE!
Your credit card debt alone is enough to gag a maggot. Don't you think we've all Googled your bankruptcy court filings? We are NOT morons and you need professional HELP, not a fresh start.
$11 mil in debt and $10,000 per month from family while Joe brings in $79,000 a year??? And we are to believe this story? I say the bankrupcy judge is going to look into this scenario further. Teresa is sticking it royally to the taxpayors of New Jersey and to the banks that have been screwed, we'll all pay for this outrageous spending. Hey Teresa, get a job!!!!
Teresa and her pudgy fugly husband should be ashamed of themselves, spending the way they did & not being able to pay. what about all the things & services they got and now they don't have to pay for? A-HOLE LOSERS, and that's putting it mildly.
PIGS.
Obviously they only report a very small amount of their actual income and the rest is in cash to avoid paying tax on it. The courts have lots of evidence of all of those cash transactions now and will want a paper trail on it. Let's hope they get them on tax evasion, too.
It's interesting that the "family" gives them $10k/month. I thought they've stated on the show that they aren't part of the "family". These people are just proving out so many stereotypes with their behaviors. So pathetic.
Teresa and Joe don't need a "fresh start" - they need discipline. Wouldn't it be nice if we all could spend our arses off and then crap on everyone we owe - and get a "fresh start". What kind of white trash thinking is that.
Teresa is full of sh*t its bet most of their income was under the table thats why she was able to pay out over $100,000. in cash when she bought the bedroom furniture. Then spent thousands more in cash on other rooms. They pay in cash to hide it from the IRS that they are making a fortune under the table. The IRS needs to check out his business dealings & bet you'll find the guy is guilty of tax evasion
I'm going to go out on a very short limb and bet that they didn't include the $10,000 per month in their TAXABLE INCOME on their tax return. Only the first $10,000 is a tax-free gift under Federal law. The rest is not only taxable, but it bumps them into a higher tax bracket (which I bet they ignored, only claiming their COMBINED $79,000 earnings). And then... there is all that VIDEO EVIDENCE of the cashola expenditures.
If they are not investigated, indicted, prosecuted and convicted for tax evasion, there is something really rotten in the State of New Jersey.