Teresa Guidice, one of the Real Housewives of New Jersey, is known for her spending sprees and high end taste. She has four daughters aged 9, 6, 5, and 9 months, for whom she regularly buys designer clothes and throws expensive parties, as seen on the show. She even outfits her baby daughter in tiny leopard print heels. It turns out that Teresa and her husband, Joe, are living way larger than they could ever afford. The couple filed for bankruptcy and they’re a whopping $11 million in debt. The best part of this story are the details about their monthly earnings. They earn less than $80,000 a year in legitimate business dealings, but somehow own multiple properties that are in foreclosure and live in a home worth $1.8 million dollars. I would guess they earn more than $80,000 a year and that seems to be hinted at in the bankruptcy filing, which lists $10,000 a month in support from “family.” I think we know what kind of family that would be.
Free-spending “Real Housewives of New Jersey” diva Teresa Giudice and her husband, Joe, make just $79,000 a year and are up to their tanned necks in liens, foreclosures and unpaid bills, according to bankruptcy papers filed in Newark federal court.
The Giudices say they owe creditors $10,853,648.04.
Teresa, known for her lust for designer clothes and expensive bling on the Bravo show, owes nearly $20,000 on credit cards for Bloomingdale’s, Nordstrom and Neiman Marcus. In total, the Giudices show $104,000 in debt on at least eight credit cards.
The bank has moved to foreclose on the Giudices’ $1.8 million, 10,500-square-foot, eight-bedroom, 5½-bath marble-and-onyx manse in Towaco, NJ, the couple moved into during the first season.
Teresa and Joe defaulted on their $1,280-a-month payment for the family’s ubiquitous black Cadillac Escalade. They also didn’t have insurance on the massive SUV, according to GMAC.
Teresa — who this season told Joe to get a vasectomy — owes $12,000 to a Garden State fertility clinic.
* Banks have taken the couple’s $279,000 four-bedroom Jersey Shore house. The Giudices had three mortgages on the house and owed $325,000. The couple also handed over a $200,000 home in Lincoln Park, NJ, that had four mortgages — and an outstanding debt of $600,000.
* Teresa and Joe owed another $1 million for property in Clifton, NJ, that has been given back to lenders.
On the show, Teresa famously dresses her four daughters in designer clothes, and last season dropped $2,000 in 10 minutes of shopping.Yet, in bankruptcy papers, Teresa and Joe claim to spend just $400 a month on clothes.
On a recent “Real Housewives” episode, Teresa boasted that she dropped “a fortune” on daughter Gia’s televised 9th birthday party. The child got an all-terrain vehicle, along with a trip to a spa in a pink stretch limo for her and her friends.
Joe, who “owns several successful businesses throughout New Jersey,” according to his wife’s Bravo bio, owes more than $5 million, including debts to former partners associated with his Section 8 real-estate deals.In court papers, Joe, who owns a stucco and stone company, lists his monthly income as $3,250; Teresa pulls down $3,333 a month for her Bravo gig. The couple gets another $10,000 in “monthly assistance from family members.”
Behind the bankruptcy filing
What the Giudices make a year:
$79,000 (plus $120,000 in “assistance” from family members)
What they owe: $10,853,648.04
Credit Cards
$104,000
including $20,000 to Bloomingdale’s, Neiman Marcus, Nordstrom
$1,280 monthly payment for Cadillac Escalade
Mortgages
$2.6M
for eight mortgages on three homes (two have been handed back to lenders)
$5.8M Joe’s business investments
$85,600 Home repairs
$12,000 Fertility treatments
$2,300 Phone bill
[From NY Post]
Neither Kaiser nor I watch Real Housewives of New Jersey, and while I avoid all versions of this show Kaiser only watches the NY and Atlanta shows. For those of you who watch this, is it surprising? Are we going to see Teresa downsizing on the next season as her houses and cars are seized by creditors?
Teresa has a new cookbook out, called Skinny Italian. Reviews on Amazon note that she makes multiple references to The Sopranos in the text. It looks like she was living that lifestyle at least.
I don’t watch these shows, but this kind of over spending is gross. Why can’t these people be put in some kind of work program to work off their debt? It is too easy to file for bankruptcy.
I don’t get filing bankruptcy when you spend cash like no tomorow. It’s wrong. They need to sell all their sh*t and pay some bills!
This pisses me off. These a-holes get to live in ridiculous excess that they can’t afford like they’re the Sultans of Brunei; and then get to file bankruptcy, thus discharging most of their debts.
If they’re so f@cking broke, how can they afford to hire a bankruptcy attorney AND pay the filing fees for bankruptcy? They’re so full of sh*t.
just goes to show money can’t buy class
I did think that her spending habits were out of control. She spent an extraordinary about of money on her daugthers. Perhaps, some of that money should have be spend on other things, like paying the bills.
This just pisses me off. Their freakin car payment is as much as my mortgage. They legitimately earn less than me & my hubby do a year yet they live in a million dollar home…how the hell did they qualify for that mortgage?
And she’s such a snob to boot. She gets “skeeved” at the thought of having to live in a house that someone else has lived in.
It is just wrong…
I don’t get it. My husband and I make more than their reported income as public school teachers and we can’t qualify for a mortgage. Bizarre how credit worthiness is measured.
Teresa reportedly gets $3333 a month for RHONJ…$40k a year. So Joe makes the other $40k listed as income? Doing what?!? (Rhetorical question. I think we all know what he does.)
Who didn’t see this one coming? Some people have no self respect and pride. These idiots rack of outrageous debts and leave other consumers (like us) to pick up the tab.
I hear “KARMA COMING AROUND.” The fact is the universe will deal with them who know no morals…than THE LORD will. I feel ashamed and embarrassed for them and their children. My heart goes out to the kids who will have no coping skills and deplorable attitudes taught by example to them by their parents. Monkey see, Monkey do!
First of all… I’ve worked in a bankruptcy law office for years… it’s not very expensive to file ($750-$2000 depending on circumstances), especially in comparison to their debt. A lot of attorney’s accept even payments for those that are super broke and file when paid in full. If they’re still getting $10k/mo from ‘family’ I bet they can get their filing fees without a problem.
Secondly, yes, I watch the show and Theresa is known for her spending habits and luxurious taste. However, everyone needs to realize that this is all dramatized by Bravo and they foot the bill to a lot of it… it’s why people watch. (They also make the drama bigger and better than it is in real life, let’s get serious we always talk about shows being ‘scripted’ that are supposed to be reality) Do you really think they are going to watch someone clip coupons and have the best ratings of any show on Bravo? Hell no.
Lastly, I agree, it’s complete bullshit that the rest of us have to deal with our debts while others live out of their means for years until it gets to this point. We wonder why interest rates on credit cards, etc. are all hiked up… well here’s the answer. It pisses me off more that I have student loan debt that will haunt me for the rest of my life probably and I can’t file bankruptcy on that but these a$$holes can file on crap they didn’t need and they get to keep and use it. Imagine if they sold off their clothing, purses, and shoes alone… complete BS they’ll get to keep it all after bankruptcy. Damn I’m pi$$ed.
@Kate:
“…the kids who will have no coping skills and deplorable attitudes…..”
They already have deplorable attitudes and DEFINITELY no coping skills. I hate to put kids down, but she just lets them run rampant through stores, etc. As Theresa says, “Anything for my baby!” Yup, and who foots the bill?
I agree with GrnMtGirl, my mortgage is the same as their car payment, as well. What mortgage and car companies put them in these situations? Me thinks there’s something rotten in NJ.
I guess they are as stupid as they look. Shouldn’t someone who is trying to sell a book promoting “skinny” be skinny? She certainly isn’t.
Ugh. They prob planned all along to take advantage of their celebrity status when they filed for bankruptcy.
People like them contribute mightily to the economic hole we’re digging for ourselves.
Ugh and Sigh.
HAHAHHAHAHHAAAAAAAAAAAAAAAAAAAAAAAAAAAA
AHHHHHHHHHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
hee hee hee…
WHOO!
Quote me on that.
hah, dlisted said that her hairline was foreclosing on her face.
and that’s right ruru: money can’t buy you class, elegance is luuuh-erned MAH FRIENDS! as the countess would say!
Gross. How do you get THAT deep in debt, especially when you’re on a TV show and have a book deal????
Their car payment is $100 more than my mortgage. I can’t imagine how they got financing for all of this stuff.
how in the sam hill hell did they qualify for all of that debt with that income? mg. their creditors are just as inane as they are.
btw…surprised bravo only pays her $40k for that all that drama. thought it would be much more.
It may be fun to hear what Caroline Manzo has to say about her adorable Teresa now.
Caroline is the Carmella Soprano of the NJ cast and has an opinion about everything. Up to now she has found Teresa to be very funny and entertaining.
Well, Caroline, these antics aren’t really very funny and leave hardworking folks holding the bag for the Giudice’s excesses.
I PROMISE you the IRS is looking at them right now. Joe is taking cash out of his business – that’s why she’s spending all of this “cash”. They also falsified their tax returns in order to get these mortgages in the first place. Who ever heard of $600,000 in mortgages on a home that’s worth $200,000????? Give me a break. Also, Teresa was stupid enough to say on camera that she spends cash so she doesn’t have to report the money for taxes. She’s an idiot. Period. Federal tax evasion charges are coming for sure…..
Caroline isnt the Carmella soprano-she thinks she is the godfather or tony soprano. she thinks she is in charge, not the innocent wife behind the scenes.
she is totally decadent and is raising kids who think just like her. the clothes she buys for the girls are HORRENDOUSLY (is that a word?) FUG and realllllyy expensive and they leave a store with bag after bag after bag; one episode she spent $1,000 on clothes at one store! maybe they can move into Danielle’s house since she wants to sell it !!!!!!
There’s no way he’s only making $79,000 a year – or even the $200,000 a year with help. I bet he does a lot of work under the table.
Even with that, you’d think most Americans would have received a wake-up call in the last couple of years about living within our means. Particularly for those who work in construction – where there is close to 25% unemployment.
@tess…am also curious to see caroline’s reaction to her darling teresa now. wonder wonder how she’ll respond to all of this.
I think it is sad. But at the same time she shouldnt have told Danielle to get a job and talked so much S&*@ on her not having money. Im wondering if Teresa knew that they were broke. Maybe her husband led her to believe that he made more money then he really does. We saw that happen with Lynne on the RHOOC and it happens all the time to women. Ladies you need to be involved with the banking and bills. Ignorance will not save you in bankruptcy court.
This lady is so unattractive. I’m just saying.
What is really sad is the loss to the businesses who extended them credit in “good faith”. I do not believe any of this crap about them being broke. This is just a ploy to live above their means at someone else’s expense. This is obviously a tactic to get out of paying their bills–nothing more. If you guys believe for one minute that these people are really broke you are crazy. Finally, if they were really in trouble and wanted to do the honorable thing they would have gone to debtor’s court instead. Bankruptcy is where you write off the debt. In debtor’s court you pay, but on terms you can afford.
This woman and all her ilk are just disgusting. As a feminist, I find such spectacular consumption and obsession with tacky fashion and appearance (on her husband’s ((shady)) income, no less) really disturbing. I don’t understand how useless women like this become famous.
I do find it funny that she has the same head tilt to the right and goofy expression in every photo, though!
Why does her hairline begin in the middle of her forehead?
I cant stand Teresa. Not surprised that shes a wannabe and a phony.
These folks are broke asses, and the banks that lent to them are dumbasses.
Whether hubby made a few bucks under the table or not, they were living way out of their league. When you have those kinds of loans against everything you own, you are and have been broke for awhile.
Anyone can look like they live large if they spend their entire income on anything but bills. Losers!
I’ll never forgot the episode where she dropped over $100,000 in CASH at a furniture store. Just craziness. Obviously her hubby is pulling cash out of the business or something fishy.
The thing that really gets me is how this horrid woman is raising those poor little girls. They are beautiful and could probably turn out wonderful, but they won’t, because this woman is teaching them to be histrionic, spoiled, demanding attention whore divas. I have never seen this woman read them a book, or do anything with them that doesn’t involve shopping, makeup, or other useless consumer-based pointless garbage. She seems to value money and things over intelligence, being a good person, education, etc., and I find that unbelievably sad and even bordering on child abuse. THAT is my problem with this woman, not her filing for bankruptcy…although that isn’t exactly a glowing endorsement of her either!
Is it just me, or doez dis beech have crazy fetal alcohol syndrome eyes? She looks like prey.
I have never watched these shows, I go so far as to freak out changing the channel if I accidentially scroll past Bravo when the Housewives or kardasians are on, so forgive if my comment has been done to death.
Laughing my ass off all the way to my job so I can pay my mortgage, car payment and other bills. Teresa makes me laugh with all her ‘bubbies’ talk. She is the absolute case-in-point of a STUPID B*TCH. I’ve never missed an episode of RSNJ. I really like Caroline – she’s hardcore and tells it like it is and her husband works his ass off for what they have. Teresa’s husband totally has Napoleon Syndrome too – he’s got to be maybe 5’5 on a good day. The real unfortunate thing is that her girls are going to grow up being stupid bitches just like her because they don’t know any different.
But at least she could afford the breast implants. Because that’s the most important thing, isn’t it?
I knew a woman years ago whose husband was in the garbage business… you know what that means. The whole family was always flying on the Concorde, the husband had a Lamborghini, etc etc, yet mysteriously his income was under $100,000 a year.
I’m wondering why these people have to declare bankruptcy all of a sudden? Who pulled the plug on Joey?
Juicinia, totally agree about the wide-set eyes. She looks like the alien in the movie Splice, but with hair starting in the middle of her forehead. Scary!
she needs to get her hairline threaded -it’s so low she looks like a neanderthal.
During the first season, she went shopping for furniture and PAID IN CASH OVER 100,000!!!! Apparently that is more than she and her husband make in one year.
Guess she can’t afford to wax her forehead …that explains a lot.
How is a debt that large even possible? On an $80,000 a year income? Impossible! WHO is giving these people such extensive lines of credit? Do banks in Jersey even DO credit checks? I cannot imagine how someone could even be approved for $11 million dollars worth of credit in the first place. Even with the additional $120,000 a year it’s still hard to believe that they’d convince MULTIPLE banks to front them money.
Well I read in a magazine that the “100,000 cash shopping spree” wasn’t even real, before she went to the store the producers told her to bring a few 100 bills and the rest were fake bills, obviously to boost show ratings.why is it that the minute you say your italian its automatically assumed that your “connected” if she wasn’t italian that thought would have never crossed any of your minds! I love teresa, I think she’s a great wife and she’s wonderful with her kids, and to all of you taking low blows at her children, I think THAT is discusting and gross, grow up! And I also think teresa is very pretty ..she is and always has been my fav. housewife 🙂
She may have to become a “prostitution whore” to pay all that back…
Wow, that hairline. What went on in her family while evolution was happening to everyone else? Was she frozen inside a glacier?
According to Andy Cohen of BravoTV this morning on The Today Show, this isn’t true. He said that it was all made up.
Is it possible that they’re really, really friendly with the mob? That could account for the behavior and the money or lack of it… just sayin’
I can’t believe the outfit she’s wearing in the last picture. That is only acceptable on a young woman in her early 20s. That’s it. Not some ghastly she-beast.
I hope the government files criminal charges aginst these morons and forces Theresa to get a job.
I can’t wait to see where and how they will be living. Probably with the “Family” as Caroline said “Our family are a close of thick as thiefs”. The other family members also have large homes. Wonder if they too have poor spending habits?
So much for checks-n-balances in the credit system to allow this to happen.
There is no way she was intelligent enough to came up with that statement all by herself.
I figured something was going on and not because she supposedly had money. But because the ones who usually act like they are so much better than others and flaunt like she does, have something to hide. I would feel bad for her because we all have had our bad times but this is crazy. Can’t feel bad for someone who hates on others and then flaunts their money! Maybe now, they will eat some humble pie and this will teach them a lesson. Hopefully their children will now grow up with a normal life.
Well when you live beyond your means this is what happens. When everyday Americans are struggling financially, they go out and rack up $105,000 in credit card debt and have lavish birthday parties and buy multiple properties they can’t afford. The money they seemed to be pulling in from her reality job and his business is actually not bad in this day and age. Most people would welcome an $80,000 lifestyle and live within their means. These people are what’s wrong with society today, most think they can SPEND, SPEND, SPEND without ramifications. I have only watched her reality show once or twice and I have to say it’s ridiculous. Most of the women on there are so fake it just boggles my mind. I understand everyone wants their 15 minutes of fame but come on this show is just showing what is wrong with the tv viewing nation, they watch shows like this and think this is real life. I got a new flash, it’s not, take my word for it. I live real life everyday. Well I think they got a wake up call. I think keeping up with the Jones’ finally caught up with them.
Why is America putting $3,333 into this cretin’s pocket every month? Just say no to “the family”, change the channel.
anyone remember what teresa said in season 1 of RHNJ when she moved into that big new house? something like she would never live in a old house and she explained how gross she feels to live in a home that someone else has lived in. she prefers new homes. it will be interesting to see where she ends up
I watch this show, and I have often wondered how in the world her husband could afford that huge house!! I was even wondering how some people in this world have it “made” like that, and why wasn’t I one of them people!! Wow after reading this, I now know that I am smarter than these two. How in the world could anyone contend with such debit!! I don’t feel sorry for them. They need to pay up for all of their spendings! It is not fair to think that you could spend all this money and not have to pay it back!! Theresa talks about another women on this show being so “full of sh*t, but isn’t she also? OMG I am shocked
I am back!! This can’t be possible. How would any bank allow this type of debit? I think this must be blow out of perportion. There is no way they could qualify for 2nd and 3rd mortgages with all this debit!! What do you all think?
The thing that always got to me was all the names she calls Danielle, she did not care about how her daughters felt at that table she never apologized for it and Caroline backed her up on the reunion show by saying Danielle chose to let the girls stay there. Never a word about how it must have made them feel. Teresa is just the first, I bet anything Caroline has something going in that will come out soon, maybe the reason her hubby stays away most nights is not the business. Sad but too true, “what goes around comes around”. After talking all that crap about Danielle here comes some for Teresa, I wonder if she has a name for herself. she even called Sonya Morgan from the rhwny a whore and trash, i knew the sh-t was gonna hit the fan. That woman is the ex of JP Morgans grandson, mega rich, and the mother of his child, I knew it was only a matter of time,so please hold on to the bar…
Read the Federal Bankruptcy filing. She didn’t pay Hackensack Hospital for her delivery and stiffed her cosmetic surgeon for her augmentation mammoplasty.
I think the whole thing is wrong. I don’t care what they do or how much they spend, as long as I don’t have to pay their bills. And I am sure Caroline will make up excuses like she did for her brother when he bought that brand new Jeep for his step daughter.
She yelled at Jaqualine when she didn’t buy it and when she was told her brother did on his own. She said oh well thats just his big heart. Make up your mind, those kids are spoiled already, Teresa should take Carolines advice of an “Iron Fist”.
This is so sad. What kind of banking system lets this happen? And, what kind of people think they can keep spending like this? So sad.
Completely looking past the elephant in the room known as Joe’s job, my main concern is that so many of you admit to never watching the show or knowing anything about these people, yet you feel completely at ease judging them and ridiculing their parenting. I hope everyone that commented negatively about their beautiful girls were perfect parents or children! Comment on the bankruptcy if that really makes you feel better, but leave the girls alone!
What you all seem to be missing is.. His income probably took a HUGE drop. Anyone in construction biz, has. So, yes, right now stated in the income section of the bankruptcy his income has dropped. You’re all very silly to think that it was much higher in the past and that much of this has to do with lack of profits from development and real estate ventures. If you think that anyone making 80k a year can get 10 mill in debt, it’s very unlikely.
We got to remember that most of these shows are recorded months before airing. In a span of seconds you could lose everything you have and just because you thought your fountain of cash was never going to dry – you didn’t save for a rainy day. Its unfortunate that humanity needs to hold everyone at a different scale just because of their bank balance. We all learn and grow at different rates and experience diverse lesson when the time comes. They amasses a great wealth for a time and now they are experiencing lack.
We all learn at the time that it is time for us to learn and the fact of the matter is, that “learning” happened on Cable TV… We shouldn’t sit there and judge when the national savings rate for the country is at a negative. Live. Learn and Love – Namaste
Boy are these d-bags ever the poster family for the screwed up financial condition of our country.
Credit card millionaires, who acted as if they were entitled to live such a lifestyle without the wits or perservence to do so, turning up their noses at living in the blue collar lifestyle from which they came.
A poutana and a guido living large — everything those numbnuts in the other show about Jersey aspirte to be.
Freakin’ morons!
@ERICA, hello Teresa, welcome to the website. Nice of you to at least read some comments before you posted. Love and Light wannabe biotch.
Dear Mr. & Mrs. Sammy “The Bull” Gravano”..er I mean Joe and Theresa,
How in the heck did you mangage to rack up that kind of debt???? I have watched you two (guilty pleasure) and one comes away with the impression that you are loaded to the gills and find everyone and everything beneath your contempt. It must be that superior Ivy League education you both possess. By the way, when the kindly doctor was enhancing your “bubbies” you think out of the kindness of his heart he/she would have done something with that obnoxious neanderthal hairline……but wait…that would certainly negate your contract with Geico as it’s first female in their new ad campaign.
Also, my apologies to the Gravanos…yes, I know you are in the slammer again for drug trafficking while in the Witness Protection Program but, hey…..at least you fessed up when busted….
Oops!!! Almost forgot…THE big event is coming soon so look for fireworks on the courthouse steps as spoiled and dumber than a bag of rocks Ashley goes to court. Can’t stand Danielle but the little cretin needs to see some consequences!
I love how ppl w/ so much $ can be in so much debt like Donald Trump haha. I think Teresa is competing with Danielle Staub for the most screwed up NJ housewife, but Danielle still hold title as the “villain of the show”. That’s what Lori Michaels referred to her as recently in this OURsceneTV video segment:http://ourscenetv.com/posts/451/lori-michaels-talks-about-her-relationship-with-nj-housewife-danielle-staub
I can’t stand this woman, she is a self-righteous troublemaker. She has made me like Danielle. I haven’t seen anyone on here put her girls down, so I think those of you that claimed that are full of it. They did however say the felt bad for the girls, and I agree. Teresa is the worst kind of woman, living off a man, no discernable talent or education (listen to the things she says). She is teaching those girls to be the same. Will she be able to find rich husbands for them? I agree with the poster that she never reads to them, or sits down and teaches them things. They shop and learn how to “karate” kick each other. If I had been Danielle I would have slapped her up side the head. “honey” Bitch!
Face it…You are dumb and dumber…..you actually make me like DS. Wow and that is a turnaround for me…GET AN EDUCATION!!! And, is anyone else sick of the’JERSEY THING” going on. I travel there constantly (at least 3 times a month) and have never encountered these kinds of stereotyped boobs…AGGRAVATING!!!
At least they didn’t for-close
on her whole forhead….they let her keep the top half.
Teresa is so pompous! To owe 11million in unpaid bills and still shop and spend like crazy is awful and classless!! While she spending on nonessentials and material crap just to be a showoff, does she ever consider all the people she owes money to and how they’ll pay there bills and feed their families? She should take a few dollars and go back to school! She sounds like an idiot! To say you make up your own words is just an excuse for being stupid and uneducated! I hope you do lose your home to pay back all the people you owe! A grown woman/mother ready to fist fight and talking like a truck driver, yuck! You can put a designer dress and makeup on a pig but you are still a pig! Poor example to your spoiled ROTTEN children! Teresa is a poor excuse for a human being!!!!!
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