Real Housewives of New Jersey - Bankrupt

Real Housewives of New Jersey - Bankrupt

Real Housewives of New Jersey - Bankrupt

Being a star doesn't mean you can be irresponsible in personal spending. Otherwise you would end up crashing in bankruptcy court.

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Teresa and her husband Joe owed nearly $11 million dollars yet their income listed at only $79,000 a year. Joe's income is listed at $3,250 and Teresa lists hers at $3,333 monthly. The couple also receives some "monthly assistance from family members" amounting to $10,000. These "real-life deadbeats" (as named by the NY Post) lived in a huge $1.8 million mansion that is in foreclosure, drives fancy black Cadillac Escalades, and spends lots of money on tacky clothes.

The couple filed for a bankruptcy in a federal court in Newark, New Jersey, their petition stated that they owed their creditors an astonishing $10,853,648.04 in liens, foreclosures and unpaid bills. This includes $5.8 million on several business investments, $2.6 million in mortgages on three homes, $104,000 in credit card debt, and $12,000 owed to a fertility clinic. (Was it the bill for Joe's vasectomy?) And oh, Teresa also owes nearly $20,000 to Neiman Marcus, Bloomingdale's, Nordstrom. Their credit card debt alone is listed at $104,000.

In court, she's claims spending only $400 a month on clothes despite their Bravo reality show last season showing a spree of more than $2000 on designer clothes with her daughter!

Teresa Giudice has clearly overspent by leaps and bounds, living like millionaires on a combined income of $79,000 a year. How is this possible? How did they qualify for a mortgage in this credit climate?

Although there are probably some fiction in the Guidices bankruptcy petition as well as some obvious partiality shown by the banks, it is clear that being a star doesn't mean that you can have astronomically high ongoing expenses. Bankruptcy does not discriminate among people in any line of work and the "rich and famous" are not immune to making imperfect financial choices.

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