Shopaholic NJ Housewife Teresa Bankrupt
Economy sucked, Teresa Giudice points out
By Mary Papenfuss, Newser Staff
Posted Jun 8, 2010 3:00 AM CDT
Teresa and Joe: still smiling.   (Getty Images)

(Newser) – Oops. Looks like those multi-thousand-dollar shopping sprees with her little daughters finally caught up with Real New Jersey Housewife Teresa Giudice. The mom of 4 and her hubby, Joe, are officially bankrupt since revealing in court documents that they racked up nearly $9 million in debt with only $2 million in assets. Teresa, 38, is famous on the Bravo reality program for peeling off bills from wads of cash to pay for umpteen little girl dresses and furniture for her mammoth house decorated like a Italian palazzo in Vegas.

"While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion,” Giudice tells People. “What is true is that due to the economy, most of my husband’s real estate ventures failed despite his hard work. As a result, we looked to the bankruptcy court for a fresh start." The couple has been ordered to undergo credit counseling. Click here to find out how much she makes per episode—and how much she owes a fertility clinic.

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Showing 3 of 11 comments
JohnEd
Jun 8, 2010 11:47 PM CDT
awh crap, I misread the title!
BeatBlaster
Jun 8, 2010 7:32 PM CDT
If they knowingly spent more than they knew they could handle repaying shouldn't they go to jail instead of "getting a fresh start?"
Crispy
Jun 8, 2010 6:34 PM CDT
If you have ever watched this show you know they have alot of assets. . in bankruptcy they keep all the goods they have bought and "get a fresh start" , this is such bull shit and why the economy is in the state it is. Alot of people have done this that I personally know and I think it is just dumping your debt on society.