Wednesday, April 09, 2014

Joe And Teresa Giudice Erase $13M In Debt By Paying $7500

Yes, at least one or both of the Giudice's is going to jail in the near future, but they got a sweetheart deal from a bankruptcy judge in their case. According to TMZ, the couple had about $13M in debts and settled it all by paying $7500. Despite owning three homes, valued in the millions the total equity in the three properties is just $140K. They have no equity in anything else they own. Not in the cars or boats. Nothing. They basically have been living their lives on credit and have nothing to really show for it except possible jail time for bank fraud.

On their sentencing date on July 8, Joe faces 46 months in jail while Teresa faces 21-27 months in jail. Joe still faces up to ten years in jail for presenting marriage and birth certificates belonging to his brother, Pietro, in order to get a driver's license from the DMV while his own license had been suspended on a previous DWI charge. That trial has been postponed on multiple occasions. Joe had been offered a plea deal where he would have served five years in jail.

16 comments:

sandybrook said...

2 class acts. On the good news side I think the Miami housewives show has been cancelled so there's hope.

TalksTooMuch said...

They need to be on one of those commercials! "I had 13 million in debt and InsuraLending reduced my payment to just $7500!"

Krgl420 said...

How is this possible?

BeckyMae said...

Oxygen thieves....

Bacon Ranch said...

In other news:

we don't care.

Talk about The Voice if you insist on talking about reality crap.

Kristin (Wiglet) said...

But Sandybrook, what about your girl Elsa???

sandybrook said...

moe her up the coast to Atlanta

sandybrook said...

*move*

Leekalicious said...

@sandy I kinda liked your first comment better.

sandybrook said...

me too Leeky.

texas rose said...

The court must not have been able to tie their debts to their fraud. If it could those debts would not have been discharged and a restitution plan would have been ordered.

Bitchy Woman said...

I wish they both get 10 yrs in jail.They both are skeevy.Make me almost ashamed to be Italian and from Jersey!

detown359 said...

Im sorry but this is some bullshit. And of course it will all be televised for the world to see them truly not being held accountable for their actions.

Malibu Borebee said...

I wonder if this sordid mess will affect that ugly Guidice woman's popularity? I can't imagine he was ever popular, even with people who watch Housewives.

Tax Attorney said...

@krg420 - It's not possible.

I'm not sure where this report originated but the Giudices' debts were never discharged in bankruptcy because they were forced to withdraw their bankruptcy petitions.

The bankruptcy trustee recently asked that final payment of his fee in connection with his services from 2009 be paid from the balance of the assets the bankruptcy estate had received years ago from the Giudices but has not yet distributed, but I don't think there's been anything more in the bankruptcy case recently.

I actually feel somewhat sorry for these two considering the level of animosity reports like these generate against them.

dvdlaser said...
This comment has been removed by the author.