Real Housewives of New Jersey stars Joe Giudice and Teresa Giudice have been living lavish lifestyles and flaunting their wealth on the popular Bravo reality TV series for half of a decade. There were rumors the couple was facing financial problems for years, but they became a reality last month when the couple pled guilty to fraud in federal court. Both Joe and Teresa are facing jail time, although it may be staggered out due to leniency because of their four young children.
RHONJ fans and the media have been speculating for weeks about what the charges actually mean for the couple, and their bankruptcy documents have now been leaked and are airing all of the Giudice family’s dirty laundry. According to documents obtained by TMZ, the Giudice family will have to kiss their multi-million dollar home and several other properties and items good-bye.
The documents state that Joe and Teresa only have $140,000 in equity in their 1.7 million dollar home, and they have no equity in two other properties. The couple also “owns” a Maserati, an Escalade, and a FORD 350 and have no equity in any of the vehicles. Other items listed in the bankruptcy documents include a Sea-Doo boat, a Kawasaki quad, and a couple of golf-carts, which they also have no equity in. Joe and Teresa fraudulently borrowed over $13 Million dollars from various financial institutions.
It appears that the lifestyle they were pretending to be living was far beyond their means, and all of the toys, cars, and homes they boasted did not even belong to them because they had barely paid a cent for them. Once all of the smoke has cleared and the federal court and banks have had their way with them, Teresa and Joe will be just as “poor” as the people watching them on TV.
Image credit to FameFlynet
