Teresa Giudice and husband Joe are off the hook on at least one of their run-ins with the law: bankruptcy. According to TMZ, the pair agreed to pay a mere $7,500 to creditors, which cleared them of over $13 million in debts. What’s more fascinating, though, is court documents released during the process that reveal some of the Real Housewives stars pricey possessions:
Joe and Teresa lived their lives through smoke and mirrors, having almost no equity in any of their lavish trappings of wealth.
They have a $1.7 million house with only $140K in equity. There are 2 other properties where they have NO equity.
They have a Maserati, an Escalade, a Ford 350 and have NO equity in them. They also have toys — a Sea-Doo boat, a Kawasaki quad, 2 go carts and other stuff — no equity.
As for their creditors who will walk away with nothing … they include 5 banks, all of which loaned the couple more than a million bucks. Wachovia Bank got shafted to the tune of $5.3 MIL. …
The Giudices valued their dogs at $600. The bankruptcy trustee begged to differ, saying the dogs were worthless.
The Giudice’s may be breathing sighs of relief over this one, though serious prison time is still hanging over their head due to bank fraud charges each of them plead guilty to in early-March.