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.