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Real Housewives of New Jersey” Star Teresa Giudice Accused of Bankrupty “Falsehoods”

This post was written by jd on September 9, 2010
Posted Under: Real Estate
Teresa Giudice

Teresa Giudice

I guess it doesn’t make a difference how much money you make. If you spend beyond your means, you can get in Trouble. So it is with the Real Housewife of New Jersey Teresa Giudice and her husband Giseppe “Joe” Giudice. Among other things, apparently they left out a rental that they owned.

Back in October, Giudice and her husband, Joe, filed for Chapter 7 with the U.S. Bankruptcy Court in Newark, N.J., People reports.

According to the documents, the two owe nearly $11 million to creditors against their annual household income of $79,000, due to unpaid mortgages, hefty credit card bills and renovation obligations.

Giudice told the magazine in a statement. “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.'”

U.S. Trustee Roberta A. DeAngelis filed a Complaint Objecting to Discharge Sept. 2, which indicated her opposition to the couple’s bankruptcy petition – suggesting that it be denied because the two failed to disclose pertinent financial information and reported various “falsehoods,” reports RadarOnline.com.

READ: US Bankruptcy Court’s Complaint Against Giudices

According to DeAngelis, Teresa received a “$250,000 initial advance, a $30,000 additional advance, and royalties based on sales of her cookbook Skinny Italian.”

TGFabulicious.com also had over $100,000 deposited into its bank account over the course of six months following their October 2009 filing.

The complaint also pointed the finger at husband Joe, who admitted he presented falsified federal income tax returns to DeAngelis, and that the tax returns were never actually filed with the Internal Revenue Service.

Joe also did not disclose he owned the property at 1601 Maple Avenue in Hillside, New Jersey and that he was collecting rent from the location.

DeAngelis stated “the defendants have concealed, destroyed, mutilated, falsified, or failed to keep or preserve recorded information from which their financial condition or business transactions might be ascertained.”

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