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New Jersey In The Media; Recaps, Reviews, Media Gossip @ NJ
Topic Started: Dec 24 2011, 11:03 PM (60,410 Views)
WillyWonka
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http://www.realitytea.com/2014/04/09/update-on-teresa-giudice-and-joe-giudices-bankruptcy/

They have a link to the actual court documents, too. I don't really get what they're saying but maybe someone else will?
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Finestra
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Okay according to NJ.com, which is the local North Jersey newspaper online, they haven't discharged their debt at all. The bankruptcy was withdrawn remember so they wouldn't go to jail for bankruptcy fraud lol? So this is just the finalization of that. They had originally given 15k, but that all went to bankruptcy administrative fees (court costs?) and not to creditors. So they are in the same position they were in before they filed bankruptcy, according to this article that is, so they haven't "gotten out of" paying the debts yet. Yet. Willy I am going to go check out your link.:
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It's the end of an era: The bankruptcy trustee overseeing Joe and Teresa Giudice's finances has submitted his final report, which says the couple only satisfied $7,500 of their debts and still owe $13.4 million to their creditors, who can once again pursue the couple for repayment.

That was on hold while the case wended its way through the bankruptcy system — and while the Giudices fought a massive federal indictment alleging, among other things, bankruptcy fraud. (They pleaded guilty in March to several counts of financial fraud.)

The "Real Housewives of New Jersey" couple filed for bankruptcy in 2010, blaming the recession's impact on Joe Giudice's construction business, but when John Sywilok, their court-appointed trustee, alleged that the couple had hid assets and income, Joe Giudice in 2011 invoked the Fifth Amendment against self-incrimination and agreed to a settlement in which the court denied discharge of his debts. His wife later followed suit.

Since then, Sywilok has sought to satisfy creditors via the Giudices' homes and possessions, but they were mostly financed to the hilt. According to the final report, Sywilok had been able to secure $15,000 from the couple instead of seizing and selling off their own household goods and furnishings, but most of that went toward bankruptcy administrative fees.

"It was a terrible decision to file for bankruptcy. They might have gotten away under the radar otherwise."
The couple's outstanding debts include $5.4 million to Wachovia, $1.7 million to the Community Bank of Bergen County, $1.3 million to Dime Savings Bank, more than $500,000 to the New Jersey Division of Taxation, and more than $386,000 to the Internal Revenue Service, according to the report.

"They are going to owe whatever they owed, as if they had not fought bankruptcy," says Ronald LeVine, a Hackensack bankruptcy attorney unconnected with the case. "They're completely stuck with their debt."

The couple's financial fraud case appeared to be triggered by the 2009 bankruptcy filing, although in addition to bankruptcy fraud, federal prosecutors alleged the couple also defrauded banks in order to obtain mortgages. They will be sentenced July 8. Joe Giudice faces a recommended sentence of 37 to 46 months, while Teresa Giudice faces up to 27 months.

"It was a terrible decision to file for bankruptcy," LeVine says. "They might have gotten away under the radar otherwise."
Edited by Finestra, Apr 9 2014, 11:05 PM.
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Finestra
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Well Willy's link to the court documents are interesting in that the State of NJ has top priority for payment, and then the IRS for 50k+ but the bulk of the IRS money is unsecured and way down on the priority list. And all of the mortgages and other debts including additional NJ tax debt and IRS debt is unsecured. I don't know what that means, but you would think that mortgages would be secured debt.
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IcyAll
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IIRC, under bankruptcy laws you get to keep the home you live in, no matter how large it may be and even if you have a mortgage on it, and one car. May be one car per adult. Things you've paid off -- you keep. Things you owe money on go back or are used towards your debt. So if things are paid off, like those wave runners, they can keep. But that's IF they officially go through bankruptcy. If they do the "settle debts" route, then it's all under the gun. Better for them, IMHO, if they just go through bankruptcy, since they're already under indictment and have been "found out" and are going to jail. Wipe the slate clean, do your time, become a better person. Or two of the three you can manage. ;)
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Finestra
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Maybe they are going to refile the bankruptcy petition now "honestly." Teresa's Bravo stuff is under a separate LLC it looks like. I wonder if they can touch that.

It looks like the bankruptcy declared most of those debts unsecured which is unbelievable to me. Did none of those loans name the Montville manse as security for the loan?

Also, maybe now that the bankruptcy is off the table, Teresa and Joe may be working out payment plans with all of the creditors? Who knows. She did get a hefty check from Bravo the past few years. She already wrote 200k to the government as part of the plea deal - but I wonder if that is a fine or if that goes to restitution (maybe for the taxes?). I wonder if we are going to see a whole bunch of civil suits reinstated like Wachovia v. the Guidices.
Edited by Finestra, Apr 10 2014, 07:29 AM.
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Finestra
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The new ones are going to be like Melissa and her sisters I think. Total famewhores. They are all over twitter. "Twinning" They are twins. Oh and they love Jesus too. Sorry the photos are so big. The husband in the photo is all over twitter too. He loves to stare into the camera. Looks like his has a big chin and no neck.
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Edited by Finestra, Apr 11 2014, 08:05 AM.
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andme
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And he looks about four feet tall. He's all head.
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IcyAll
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Those people are very unfortunate looking.
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dilbert2004
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But clearly, they think themselves hot. Jeebus! I would like to have just 1/10 of the self confidence, or whatever it is that makes them think they are gorgeous, these deluded NJ Hos have.
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Finestra
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I am going to see if I can find a photo of them with JoeGo to see how short they really are. Dilbert you aren't kidding. They must sell confidence in a can along with spray tan and hair in the Eyetalian shop.
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dilbert2004
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Quote:
 
I am going to see if I can find a photo of them with JoeGo to see how short they really are. Dilbert you aren't kidding. They must sell confidence in a can along with spray tan and hair in the Eyetalian shop.


HA! Well there you go, that's my problem. I have spent too much time in the Jewish Guilt Store, I gotta move down the mall and visit that Eyetalian Shop.
Edited by dilbert2004, Apr 11 2014, 04:09 PM.
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Finestra
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There are long lines at both this week what with Passover and Easter coming!
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Finestra
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Ha, Teresa finally gave Sirens Media or whoever produces RHONJ the biggest FU - she refused to engage (accd to Radaronline)
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Meanwhile, RadarOnline.com reports that "Real Housewives" producers are unhappy with Giudice's behavior in the sixth season — meaning it wasn't so bad. "She basically checked out this season," an insider tells the website. "She’s so afraid about going to jail that she refused to get in fights with anyone on camera!" Where's the fun in that?

"The production team even set up situations where the other ladies could call her out about the legal troubles but she refused to engage," the source continues. "All Teresa wanted was a paycheck but she did nothing at all controversial and the producers aren’t happy with the footage they got."
From NJ.com
Edited by Finestra, Apr 11 2014, 07:19 PM.
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Finestra
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Well looks like the fidget is still the shortest fameho husband in NJ> See what I mean about this new guy looking right into the camera. He is full on famewhore.
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cccharley
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IcyAll
Apr 9 2014, 11:36 PM
IIRC, under bankruptcy laws you get to keep the home you live in, no matter how large it may be and even if you have a mortgage on it, and one car. May be one car per adult. Things you've paid off -- you keep. Things you owe money on go back or are used towards your debt. So if things are paid off, like those wave runners, they can keep. But that's IF they officially go through bankruptcy. If they do the "settle debts" route, then it's all under the gun. Better for them, IMHO, if they just go through bankruptcy, since they're already under indictment and have been "found out" and are going to jail. Wipe the slate clean, do your time, become a better person. Or two of the three you can manage. ;)
This isn't all true. The court may decide to sell your assets to satisfy the debts. They can sell your jewelry, art etc if they so desire. Depends on the worth. You must declare them so that you may have a chance to keep them but it is not guaranteed. I rent so I know nothing about houses or cars (since I don't own one of those either) I think the IRS is the first to be paid off. Credit card debt is unsecured meaning they have nothing to back it up. Secured debt has an asset that you used in order to get your loan. I would say most people filing bankruptcy at lower levels than the Gs discharge cc debt since they got in over their heads. Most bankruptcies are way smaller than the Gs but you know many millionaires went bust and they were truly rich unlike the Gs
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