It looks like reality TV doesn’t pay that well as The Real Housewives of New Jersey Teresa Giudice has filed for bankruptcy! Holy cow right I mean who would have thought that the NJ socialite would be broke. I have more details on this latest tidbit of news involving Teresa plus of course there are pictures and a video of a classic Teresa moment done in a new light if you will. Keep reading you will want to miss out on this.
As the news of the bankruptcy broke The Real Housewives of New Jersey Teresa Giudice decided to break her silence releasing this statement to People.com.
While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion. 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.
Teresa and husband Joe filed court papers last October for Chapter 7 which basically says they have to liquidate their assets in order to pay their creditors. According to court papers the couple is also required to attend credit counseling. In their case however the couple’s assets appear to be far less than their liability, which basically means they owe more than what they are making. Apparently the duo were spending more than she made on the hit show and he made through his business G&G Stucco and Stone Specialist, a store in NJ. Sounds to me like the couple found themselves in a situation that many people do, you over spend.
The Real Housewives of New Jersey Teresa Giudice has filed bankruptcy, well actually she filed last fall but is just now breaking her silence on the subject. I have to say it is a tough situation for anyone to be in much less if you are a famous, even if you are a Z-list famous person. Hopefully all will work out for the couple.
Photos: www.wenn.com/Adriana M. Barraza/Carrie Devorah/PNP/Adnres Otero