Teresa Giudice has a large amount of debt after her bankruptcy, and the “Real Housewives of New Jersey” star is facing more legal problems. Wetpaint reports on April 10 that Joe and Teresa Giudice owe $13.4 million to various creditors that they cannot pay. The couple is also facing an upcoming court date to deal with their fraud charges.
The Giudice family has accumulated a great amount of debt over the years, and their lavish lifestyle is being blamed for the ongoing excessive spending. Despite having $13.4 million in debt, the couple has only been able to pay back $7,500 and does not appear to have plans to pay the rest. In addition, it seems that there is a possibility their debt may be erased by the bankruptcy judge.
TMZ claims Joe and Teresa may not have to pay back the rest of their debt because they have no equity in their belongings. Their home, cars and other items are all listed without equity, so creditors cannot be paid back. However, there is some confusion about the ability of the creditors to continue to ask for payments later, and it does not appear that a final ruling has been issued. The Giudice family may not be able to escape the $13.4 million they owe to multiple banks and others.
Joe and Teresa also owe federal and state taxes, and this debt has not been discharged. The couple may have to rely on Teresa’s “Real Housewives of New Jersey” income to begin making payments, but the upcoming fraud trial has kept them both busy. The sentencing is scheduled for July 8, and there is a strong possibility Joe and Teresa could end up in jail for several years. However, their debt problems will be waiting for them once they exit prison.