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)

Friday 11 June

By H

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And where did she live when she was raised by her parents...Doubtful it was anything brand new.

Thursday 10 June

By M.A.Korman

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I have no sympathy for their loosing three Mcmansions and the expensive car. I am sure one home and a normal car would have been adequate.

By jene

She may have the right idea because as Doctor Wayne Dyer says "You should never say - I can't afford it"!

By Carly

This is the worst sort of mother. She has ruined those children. They are brats beyond anything I've ever seen. The attitude on the 7 year old (I think she's 7) Gia is unbelievable. I want to cry when I see those children. It's disgusting what she has turned them into...and all the other stupid wives on that show just "coo" and "ahhh how cute they are" at them? I thought Caroline would have more sense and talk to Teresa to tell her this is not the way to raise your children. Gia makes me sick...at her young age, she acts more the Diva than any adult I've ever seen! What a pity. It's not cute at all, it's disturbing.

By Maggie

You are so right. It IS a shame how her kids (brats) are made a fuss over but then look at the fuss they make over Teresa...she's just the darling of the family! What a ridiculous world we live in, where people like her are admired and emulated by so many...if she (and all the others) got any shallower they'd be craters in the ground. And unfortunately, they probably will be able to hang onto their lifestyle; people like them always seem to find someone to bail them out so they can keep spending, spending, spending.

Tuesday 17 August

By Jacqueline moses

How true it is the behavior of the children are horrible on the trip to Italy,this mother dont realize how tired this little Milana was on her birthday,the time change afect children,and those outfit custom made look ridiculous on those poor kids they look like clowns,and must cost a fortune !!! she is teaching her girls nothing of value shame on this theresa,her husband work around like she cut his balls off

By marc

Boo-hoo. The show was filmed 'years' ago? That's a load of crap. Face it...you're a materialistic, plastic, washed up 'stagemom' with no particular talent for anything but 'gossip'. Give it all back...you didn't 'earn' it. You are a billboard for what's wrong with our economy.

By rocksoliddlm

don't believe what you see on t.v... umm, seems really convenient that all i see is a ugly person on the inside and the out - well that's up to who you ask! when it's danielle that's looking a bit bad, then it's true .. i don't feel one bit sorry for you - let's see if those other housewives have time for you when you have nothing! maybe now your kids will stop acting like spoiled brats - all very creepy.

By silman99

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Really screwed up !! Multiply her and her husbands actions times millions of other con artist overpenders and you have the destruction of the us economy. I would be happy to give her 5 grand , for that diamond studded black cross she wears ! NOW . The lies from these people are unreal, they could care less about creditors who loaned them money ! I know the type. Her Husband is a mental midget ! he cant actually put a real sentence together ! In a chaotic world these folks would borrow or steal your families food, lie to u that they didnt , and try to profit off your loss. But then again , thats why survivalists pack m-16's and Glock 40's......

By Kathy

Why do people continue to live beyond their means?? Like my Grandmother used to say....You never see a Uhaul behind a hearse

By trepidition

you people are the reason America is in the toilet. good job! You both shoul go straight to jail.

By slts

trash is trash; no matter how they dress

By Eric

Her lifestyle apeared lavish. But, her mouth and actions were very trailer park...

By robb

She's trash
her husband is trash
the show and anything like them (read almost every reality show) are trash
the people that watch them are MORONS

the networks are trash.

any questions?

By donna

Teresa and Joe, You guys need to sell everything from the house, to the cars, jewerly, furniture, etc.etc.etc. and start paying off your own bills. Gia did not need to have a lavish birthday party like that. You were fully aware of your financial situation and still planned a party like that for Gia and then stated on the show my kids should only know how much money I spend on their b-day party. SHAME ON YOU AND JOE FOR CONTINUING TO SPEND MONEY THE WAY YOU DO. LOSE IT ALL

By Juliet

I dont feel a bit sorry for them. She is the meanest one on the show. That child will never be a model. She is an idiot and the husband cannot control her. Get a job Theresa, and stop having babies. i watch the show because i cant believe that people lives like this. I makes me appreciate my poor self.

By Sue in VA

These Housewives 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 BLS

I enjoy watching the housewives. It actually makes me appreciate the normalcy in my life.I have no credit cards maxed out to the max, no spoiled children & most of all.... true friends & family members that I can laugh with without bashing someone in the process. I Rather have my life than a life of materialistic bs that is debt ridden and all show & tell.

By Red Sox Fan

lets take up a collection

and use it for a party that they aint invited to.

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