Documents: Real Housewife Owes $13.4M

Giudices have just $140K in equity in $1.7M home

By Evann Gastaldo,  Newser Staff

Posted Apr 10, 2014 10:02 AM CDT

(Newser) – The bankruptcy trustee overseeing Teresa and Joe Giudice's case submitted its final report this week, and it shows that the Real Housewives of New Jersey couple owe creditors $13.4 million and have repaid just $7,500 of their debts. The documents also reveal the Giudices' apparently luxurious lifestyle was one they had almost no equity in, the New York Daily News reports: They had just $140,000 in equity in their $1.7 million house, and no equity in their two other properties, their Maserati, their Cadillac Escalade, their Ford 350, and pricey "toys" like a Sea-Doo, a Kawasaki quad, and two go-carts.

Though TMZ and Radar report that the bankruptcy judge will erase the couple's millions in debt (but both still face prison time for bank fraud; they'll be sentenced July 8), the Star-Ledger and NorthJersey.com say that's not so. They report creditors can now pursue the couple; a bankruptcy attorney not connected with the case says, "They are going to owe whatever they owed ... They're completely stuck with their debt." As evidence, perhaps, of how hard-up she is now, Teresa Giudice was recently charging $25 a pop for an autographed copy of her book ... and would only accept cash.

Teresa, left, and Joe Giudice, from “The Real Housewives of New Jersey,” leave federal court in Newark, NJ, on Tuesday, March 4, 2014.
Teresa, left, and Joe Giudice, from “The Real Housewives of New Jersey,” leave federal court in Newark, NJ, on Tuesday, March 4, 2014.   (AP Photo/Rich Schultz)
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