Shopaholic NJ Housewife Teresa Bankrupt

Economy sucked, Teresa Giudice points out

By Mary Papenfuss,  Newser Staff

Posted Jun 8, 2010 3:00 AM CDT

(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.

Teresa and Joe: still smiling.
Teresa and Joe: still smiling.   (Getty Images)
PATERSON, NJ - MAY 03:  (L-R) Television personalities Gia Giudice, Teresa Giudice, Milania Giudice and Gabriella Giudice attends Bravo's 'The Real Housewives of New Jersey' season two premiere at The Brownstone on May 3, 2010 in Paterson, New Jersey.
PATERSON, NJ - MAY 03: (L-R) Television personalities Gia Giudice, Teresa Giudice, Milania Giudice and Gabriella Giudice attends Bravo's 'The Real Housewives of New Jersey' season two premiere at The...   (Getty Images)
The family that loves to shop: Joe, Gia, Milania, Gabriella and Teresa Giudice (the baby's at home) attend Bravo's 'The Real Housewives of New Jersey' season two premiere at The Brownstone on May 3, 2010 in Paterson, NJ.
The family that loves to shop: Joe, Gia, Milania, Gabriella and Teresa Giudice (the baby's at home) attend Bravo's 'The Real Housewives of New Jersey' season two premiere at The Brownstone on May 3, 2010...   (Getty Images)
Teresa Giudice attends Bravo's 'The Real Housewives of New Jersey' season two premiere in Paterson, NJ, last month.
Teresa Giudice attends Bravo's 'The Real Housewives of New Jersey' season two premiere in Paterson, NJ, last month.   (Getty Images)
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