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TagsReality star and husband reportedly owe more than $11M
BY TERI GATTO
NEWJERSEYNEWSROOM.COM
Teresa Giudice will have to start clipping coupons and shopping at Target. According to People, last October the raven-haired shopping maven of the Real Housewives of New Jersey and her husband Joe filed for Chapter 7 with the U.S. Bankruptcy Court in Newark.
In the first season of the Bravo reality show, Teresa is shown buying designer furniture for her $1.8 million Towaco, N.J. mansion and purportedly paying in cash. That home is reported under foreclosure, along with their 4-bedroom Jersey Shore house and another home in Lincoln Park, NJ.
The Post reports that the couple owes more than $11 million. The Giudices' credit card debt is more than $100,000 including owing $20,000 to Bloomingdale's, Nordstrom and Neiman Marcus. However, in bankruptcy papers the couple claims to spend no more than $400 a month in clothes.Teresa owes $12,000 to a New Jersey fertility clinic and she and Joe have defaulted on their $1,280-a-month black Cadillac Escalade payments.
Joe, who owns a stucco and stone company, owes more than $5 million which includes debts to former real estate partners.
Yet, according to court papers, the Giudices' monthly income is a mere $16,580. Joe contributes $3,250 from his business, Teresa $3,333 from the reality show and family members kick in an additional $10,000 per month for "assistance."
"While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion," Teresa told People. "What is true is that due to the economy, most of my husband's real estate ventures failed despite his hard work and effort. As a result, we looked to the Bankruptcy Court for a 'fresh start.'"
