Bankrupt 'Housewife' Teresa Giudice Speaks Out
By Rob Shuter Posted Jun 10th 2010 02:15AM
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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