Real Housewives of NJ Couple Owe 11 Million to Creditors – They’re balling Out of Control!

| June 5, 2010 | 0 Comments


Apparently Teresa and Joe Giudice’s failed miserably in home economics and finance because it is being widely reported that they have stiffed their creditors to the tune of 11 million dollars and now they are trying to use the US bankruptcy court for some financial protection.

The bank has moved to foreclose on the Giudices’ $1.8 million, 10,500-square-foot, eight-bedroom, 5½-bath marble-and-onyx manse in Towaco, NJ, the couple moved into during the first season.

Teresa and Joe defaulted on their $1,280-a-month payment for the family’s ubiquitous black Cadillac Escalade. They also didn’t have insurance on the massive SUV, according to GMAC.

Teresa — who this season told Joe to get a vasectomy — owes $12,000 to a Garden State fertility clinic.

Banks have taken the couple’s $279,000 four-bedroom Jersey Shore house. The Giudices had three mortgages on the house and owed $325,000. The couple also handed over a $200,000 home in Lincoln Park, NJ, that had four mortgages — and an outstanding debt of $600,000.

Teresa and Joe owed another $1 million for property in Clifton, NJ, that has been given back to lenders.


Check out Teresa boasting about all she has…chick is as fake as a 3 dollar bill

On the show, Teresa famously dresses her four daughters in designer clothes, and last season dropped $2,000 in 10 minutes of shopping.

Yet, in bankruptcy papers, Teresa and Joe claim to spend just $400 a month on clothes.

On a recent “Real Housewives” episode, Teresa boasted that she dropped “a fortune” on daughter Gia’s televised 9th birthday party. The child got an all-terrain vehicle, along with a trip to a spa in a pink stretch limo for her and her friends.

Joe, who “owns several successful businesses throughout New Jersey,” according to his wife’s Bravo bio, owes more than $5 million, including debts to former partners associated with his Section 8 real-estate deals.

In court papers, Joe, who owns a stucco and stone company, lists his monthly income as $3,250; Teresa pulls down $3,333 a month for her Bravo gig. The couple gets another $10,000 in “monthly assistance from family members.”

The Real Housewives of Atlanta cast members look like angels compared to these spendaholics if you ask me.

Source:  NY Post

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