Bankrupt 'Housewife' Teresa Giudice Speaks Out

By Rob Shuter Posted Jun 10th 2010 02:15AM

This week, the news came out that 'Real Housewives of New Jersey' star Teresa Giudice owes a whopping $11 million in various debts. Having made a name for herself on the show as someone with a very lavish lifestyle, this came as a shock to everyone. Now, Teresa is speaking out exclusively to Naughty But Nice, giving her version of how things got so out of hand, and what she's doing to dig herself out of financial ruin. After the jump, details on the bankruptcy and why Teresa claims things aren't always as they seem on television.

According to papers filed in Newark Federal Court, the free-spending Guidices claim to only make $79,000 a year between the two of them, and are unable to handle the foreclosures and hefty credit card bills.

The court document lists their money woes in detail:

► The bank has moved to foreclose on their $1.8 million home in Towaco, NJ.
► Banks have taken their Jersey Shore house along with another home in Lincoln Park, NJ.
► Teresa owes $12,000 to a fertility clinic.
► They've defaulted on payments for their Escalade.
► Joe personally owes $5 million to former partners of real estate deals.

You have come under so much criticism for spending thousand of dollars on shopping sprees for your children just weeks before you filed for bankruptcy. Can you explain it?

You have to remember that what you see on TV is edited for entertainment and a lot of it was filmed years ago. Milania was 2 when we started filming and now she's almost 5! It was a different economy back then for all of us. When the economy crashed, like most families, we tightened our belts and changed our lifestyle.

What have you learned from all this?

No matter what happens, rich or poor, if we have our health, our family and love, we'll all be fine. You can be fabulous even if you don't have a dime! It's all about attitude, hard work and morals. We teach our kids all three and lead by example. I have lots of jobs: I film the show, I do appearances, I run an online boutique called TG Fabulicious and I have my writing. I'm working on my next book right now! That we're still able to have dinner with our kids every night is such a blessing.

Do you have any advice for other families that have had to 'tighten their belts'?

One of the ways we've always saved money is by cooking at home, and I was so happy to be able to share some of those tips and recipes with people in 'Skinny Italian.'

The book has done amazingly well. I was honestly shocked by its success. How does that feel when on the other hand you are broke?

I'm blown away by the response to the book. I can't believe it's been on the New York Times bestseller list for three weeks. I still have to pinch myself. But I think everyone is looking for ways to spend less and have more family time, and eating dinner at home every night gives you both. I have people write me saying how their kids are picky eaters and are finally eating vegetables, how families are eating together again, and it makes everything worthwhile.

Do you have anything you want to say to your fans?

The kind messages from everyone have been so amazing and uplifting. I want to thank everyone for their love and support!

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Tags: real housewives of new jersey, Teresa Giudice

Comments

(73)

Thursday 10 June

By gt

Lowest Rank Vote down Vote up Report this

too bad for you and your family.bravo should picth money in,
hold a tigher rein.....a lif=ve as fablous as every.you guys will make it......keep the faith

just keep that phyco ...out of you live

By viewer

Highest Rank Vote down Vote up Report this

Why should Bravo pitch in???????? We would all love to drive Maseratti's and Escalades and live in mansions, BUT if you can't afford it, don't do it!

So you are asking Bravo to help them because the live BEYOND thier means??

By carol

...........one doesn't build a 5 million dollar mansion when one makes 80 grand a year. The economy HAS hit everyone but, those of us who live within our means have not had to file bankruptcy.

By elizabeth

Well said!!!

Friday 11 June

By BTDT

Vote down Vote up Report this

What moron loaned these con artists eleven million?
Here's a prediction, one day she'll run for school board.
And sadly, she'll probably win.

Tuesday 15 June

By April

grift (grft) Slang
n.
1. Money made dishonestly, as in a swindle.
2. A swindle or confidence game.
v. grift·ed, grift·ing, grifts
v.intr.
To engage in swindling or cheating.
v.tr.
To obtain by swindling or cheating.

Am I the only one to notice that the show revolves around the one they want to hate most. Would there really be a show without her. After all she is probably laughing all the way to the bank.
They are probably all the best of friends off set. It's t.v after all.......wake up and smell the coffee ladies!!!

By Sue

You are on the right track, if you ask me! These shows are all staged, they're given things to do and say and each person is a certain character, Dina is enlightened, Carolyn is the Tuff Lady, Jacquline is innocent of the world, Teressa is the one whose late and funny with the adorable kids, and Danielle is the mean one that causes trouble. But NJersey housewives is the most entertaining of the shows, it's great tv and lots of fun, but most of it is set up, at least I think it is. =D Sue in VA

By Cindy

LADIES???????????? HAHA THEY ARE NOT LADIES, NO MORE THAN THE ATLANTA TRAMPS!!

By Jean

That's the most ridiculous explanation. Their spending was ridiculous at best. Now society has to eat their spending by them declaring bankruptcy (bullcrap). I hope they lose everything. She should give ALL their clothes back. She has spent ridiculous monies on clothes ....give them back! Get a job Theresa...like the rest of us mothers.

By Natasha

If you could read Mean Jean, you'd see that she has several jobs...stop being a jerk ;)

By cornellyangi

High Rank Vote down Vote up Report this

I couldn't have said it better!!!! And Nate you must be one of her wannabe friends!!

By mhz

The both of them sound like well seasoned con artists. Not good. THEIR flagrant lifestyles gone bust- just means I have to pick up their bankruptcy bills, in the end. What flakes. These are the sort of idiots who really need to be sent to sea for the duration to clean up the BP environmental mess- after all, they are the ones who seem to think energy and gas- grows on trees. Dim- and ugly as sin.

By brad denning

YOUR A LOSER!!!! YOUR ALL LOSERS !!!HAVE ANY OF YOU HAVE ANY DIGNITY ???HOW PATHETIC!

By mary

Dignity? The correct word is they feel... ENTITLED. I saw the show ONE time... for about 5 min... and only watched those 5 min because she thinks her daughter, who is about 7, is drop dead gorgeous... and takes her on all kinds of auditions. The fact is, that daughter has the MOST eerie eyes I have ever seen. She has zero talent... mimics mom. And overacts. The other housewives entertain because you HAVE to laugh. These make me sick.

By mark

I hope you, Goomba Joe & the brats have a move 3 bedroom split level in Keansburg New Jersey! Enjoy your above ground pool!!!

By Donna

No need for an Italian slur, Mark. Stick to the topic. You're just showing your ignorance.

Tuesday 13 July

By carrie

I love YOU Teresa ! I think you and your babies are adorable. You have no fears and make me laugh each time I watch the show. The economy has hurt alot of us, and as for the rest of you haters, Puhlease, tell me you are all living beneath your means? He without sin cast the first stone, and I have NO rocks ! hugs to T

By rob shuter

i really like her. she has learned her lesson. hope she pulls everything back together. go lady gooooo

Tuesday 06 July

By dumbfounded

A lady? What color is the sky in your world?

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