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"New Jersey Housewives" star files BK, owes $11m, earns $79k/year

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    "New Jersey Housewives" star files BK, owes $11m, earns $79k/year

    June 5, 2010

    Spendaholic 'Housewife of NJ' owes a big-hair-raising $11MYet, in bankruptcy papers, Teresa and Joe claim to spend just $400 a month on clothes.

    On a recent "Real Housewives" episode, Teresa boasted that she dropped "a fortune" on daughter Gia's televised 9th birthday party. The child got an all-terrain vehicle, along with a trip to a spa in a pink stretch limo for her and her friends.

    Joe, who "owns several successful businesses throughout New Jersey," according to his wife's Bravo bio, owes more than $5 million, including debts to former partners associated with his Section 8 real-estate deals.

    In court papers, Joe, who owns a stucco and stone company, lists his monthly income as $3,250; Teresa pulls down $3,333 a month for her Bravo gig. The couple gets another $10,000 in "monthly assistance from family members."

    Behind the bankruptcy filing
    She has a gaudy new mansion, pricey breast implants and spends thousands of dollars on shopping sprees for her spoiled brats — but a New Jersey reality star and her goombah hubby are real-lif…
    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

    #2
    Holy Moly about the article...sounds like the couple needs years of financial/debt management classes due to their enormous amount of debt and they filing for BK.
    Chapter 13 filer since Feb. 2018 under a 60 months payment plan
    Please think positive and do not give up!

    Comment


      #3
      I have watched that series in the past. That woman built the UGLIEST mansion on the planet....ugly even for New Jersey. It looks like a Days Inn hotel with some trees in front.
      She bragged about how she designed it and there wasn't a another one like it...cracked me up!

      Comment


        #4
        this is crazy, i watched this show last year and you would think that there was no problems with the thousand of dollars she was throwing a round.

        Comment


          #5
          She's Nuts!!

          What was funny to me was when she was having the mansion built and she said she just couldn't live in a house where others had lived. She said it was "disgusting". Yet, she would stay in hotels where many,many,many people had stayed. Woman is nuts!!

          Comment


            #6
            OK my question is how did they get this much money to borrow when they don't clear 80K on a good day! I opened my Nordstrom account 15 years ago. I got a 1K limit. I make three times what I made then, and still have the same limit! Then again I think the highest I ever went on it was 800 or so...maybe they figured I did not need more.

            We know what will happen in this case...somehow they will weasel into a CH 7 and get a fresh start, get brand new credit cards and mortgage lines and car loans, lather, rinse, repeat in a few years....
            First consult: You go now, no CH 7 for you. You spent entire buffet. 13 has a 95 percent payback. (Owwwch) On to next consult....

            Comment


              #7
              I briefly looked at the filings and it seems like he was making 500K a year back in the day. I noticed they were under the median for NJ and a family of six. I wonder as a business owner if the husband didn't take on any projects for the lookback so the income would look low.

              They filed in Oct, I wonder if the UST had a field day with them or if they slid by...

              Comment


                #8
                Originally posted by ForumReader View Post
                Holy Moly about the article...sounds like the couple needs years of financial/debt management classes due to their enormous amount of debt and they filing for BK.
                Wow - I agree! But I also have to wonder what kind of "classes" these banks need to have given them so much credit --- 4 mortgages on multiple houses, etc????
                Filed Ch 7 -- July 9, 2008
                341 mtg ---- August 14, 2008
                Discharged ---- October 17, 2008
                Closed --------- December 11, 2009!

                Comment

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