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 PJS

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Spending money you don't have is felony fraud. They had to know they couldn't afford a 1.8 million dollar home and 2 grand a pop on kids clothing. That's the problem with this country. They shouldn't be in bankruptcy court; they should be in jail.

By mhz

Bravo- well said. It's ppl like these two-(multiplied by the other millions just like 'em), who spend everyone elses cash, at the drop of a hat, without a second thought- put the entire country at risk and into the economic abyss dumpster. But plastering them on the TV tube as if they are to be adored- now THATS stupidity. A damn shame.

Tuesday 15 June

By April

Vote down Vote up Report this

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.

By brooke

Is she kidding me? The show was tapped last year! She knew she was broke in October of 2009 and all her parties have been after that time period. Don't you guys check the facts before posting this. It is all lies lies and more lies!

By Brooke

This is all lies! Lets watch the time line of events. She KNEW they had these problems in October 2009... Gia's birthday party was in 2010. Let see what other lavish things she does throughout the season while she knew she was BROKE!

Milana was 2 in the first season! What does she think we are DUMB???? LIES LIES LIES This was taped 2009 to 2010 not YEARS AGO!

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.

Friday 11 June

By BB

I believe Gia's birthday party was in September or October because the idiot(and she is an idiot)Theresa is holding the baby and the baby doesn't look much older than when it was born in Sept.2009.

Sunday 04 July

By just sayin

Is this u Danielle?

By jack

get your facts straight, they filed for bankruptcy almost 9 months ago.

By H

You file for bankrupcty as a last and final resortr after d-i-c-k-i-n-g around all your creditors. lenders, etc., for years, not just a year or months...Why do you think home forclosures by lenders are now in play after 2 months of missed payments, because people went for years without paying their mortgage, credit cards, keeping all the cash money from their lenders so they could walk away with a suitcase full of dough.

By Millyboo

Lets not kid ourselves...obviously she was paid duckets from Bravo...duh..why else be on that realty show outside of 15 minutes of fame...she is no dummy. TRUST. Anyway- this woman is ravishingly ugly...Sorry...I know God will punish me for saying mean things but the truth is truth...ugh..take off of the air PLEASE!

By Sue in VA

Dag I think Teressa is absolutely gorgeous, just beautiful to look at and I'm sure I'm not the only one who thinks the way I do. Sue

By Caroline

Does anyone remember the episode where she said she Would never live in a "used "house it "skeeves" her out ! GET REAL ! I have watched a few of those idiots and she is by far the worst, who shops every week at 2k a pop for children's clothes that they will outgrow ? Where Does BRAVO get these LOSERS ? Her new home is filled with Italian marble , tacky to the hilt- says she was going for French Chateau look - I sincerely doubt she even knows what that is. And where did she get over 100k in Cash to pay for furniture as she showed in one episode? Good Grief.

By auntie3621

At the rate theyare going she will be going into those homes that she would not live in and have to clean those toilets. Your right about her house, that it is very cold and museum like. They can have it.

Did anyone see the birthday party she had for her oldest daughter? Their kids are already spoiled. God help the men they marry.

By KatB

Teresa, Get a JOB, a real one. If any of those jobs you listed were real, you wouldn't be so far in debt. Get a clue. A real woman makes her own money and is stillable to take care of her kids. Try it.

By susan zavagli

I am not surprised. There is a term Old Money and New Money, old money does not spend lavishly, but rather wisely. New Money is the Guidices, the more you spend the less you have.
I do not know where these women came from they certainly did not grow up in Franklin Lakes, they cast a sterotype which has no reflection on that town. Bad choice Bravo. One more note. The show would be nothing without Danielle Staub.....what does that tell you????????

By Donna

Oh I totally agree! They are all unworthy of anyones pity. Hope they are ashamed of putting themselves out ther for all to see.

By AzKeeKee

I agree.......... Do the math, I about fell out of the chair when she said this was taped years ago..... Yes, Gia just turned 9...... That house, those cars, those clothes, the jewelry, what she spends on clothes a week could feed a family of five for a month.... Now we all have to pay in one way or another for her snobby, money grabbing, life style... And how are those girls going to be able to grow up and learn to support themselves living a life like that. She is setting them up for a slap in the face when they get older.....

By SUE

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How can they only claim they make 79,000 a year when Teresa makes 3,333.00 per episode???

By Lisa

Yes Yes Yes! I was gunna say that! She said she would "skeeve" If she had to live In a house that other people had lived In. Lol. Now she'll have to

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