Teresa Giudice and her husband Joe Giudice live life like people of privilege, but they are being accused of living a “deadbeat” lifestyle today. There’s no way to sugar coat what the reality star Giudice and her husband have done, they’ve taken loans out to the tune of millions and they haven’t paid them back. Now with a quick knock of a judge's gavel, they don't have to.
According to TMZ on April 9, they appeared to have made out quite well in their bankruptcy deal, as the court documents are somewhat of a jaw-dropping read. After racking up debt to the tune of $13 million, they are only obliged to pay $7,500 to their creditors and this erases the remainder of what they owe.
Teresa Giudice and her husband own a home worth $1.7 million, with only $140,000 equity. They also own two other properties with not a cent of equity to their names in those two pieces of real estate.
The king and queen of the reality show circuit get around in a Maserati, an Escalade and a Ford 350, they owe money on all three of these vehicles with no equity here either. They have lots of toys including his and hers go carts, a Sea-Doo boat and a Kawasaki quad.
How did this couple get five different banks to each loan them money? Each bank let the Giudice couple borrow $1 million, not a combined total, but $1 million from each bank. They don’t have to pay this back.
It looks as if Wachovia Bank was left holding the bag for $5.3 million, which the bank will never see. The couple’s dogs have no value, they are worthless claimed the bankruptcy trustee. The husband and wife Giudice team valued their pups at $600.
After reading some of the couples assets and debts, it is hard to argue with TMZ when they called this couple’s way of life, “a deadbeat lifestyle.”