It looks like Teresa Giudice’s financial woes may be worse than we ever expected. Not only are she and husband Joe $11 million in the pizza hole with debt, but now comes news that the couple may be slapped with a big ol’ FRAUD charge. Yes, an official complaint filed in New Jersey claims the two withheld over $200,000 of assets when filing for bankruptcy, which means that this very tangled and confusing situation (which is not unlike Teresa’s hair) might just end in jail time for the Giudices. The idea of Teresa behind bars is somewhat amusing though, if only to see how far her Paterson roots will take her. Let’s just hope those tables are bolted down.
For more information on this latest scandal / mess / disaster, check out the full story here:
Socialite Life: Teresa Giudice Will Be The Baddest Bitch In Jail!
Oh boy…. probably should have assumed this was coming as the whole ‘bankruptcy filing and our house that is or is not in foreclosure, but we still maintain our fabulous lifestyle’ thing did not really gel. She will rule the cellblock but I fear for poor Joe — he is too juicy for jail! In all seriousness, I do feel really bad for the children…. they did not bring all this bs on and are now having their worlds torn apart.
I think the kids may be the better for it.
I also feel bad for those little wild girls. Losing your parents to jail @ that age(OMG, the baby!)is serious shiz. My heart goes out to all of them. Teresa & Joe should have considered them. What selfish pricks. But what’s new?
Either they have a terrible attorney or they are not listening to their attorney. My thought is that they are not listening to their attorney, so they are paying the price.
They won’t go to jail.
I agree with you. Not that I wouldn’t love to see her tacky classless ass in jail, I doubt it’ll happy.
They’re just toying with us now . . . Bastards.
They may go to jail, but only if the attorney general decides to prosecute. I’m a bankruptcy attorney, and I have worked for a US bankruptcy trustee here in my district for the last 4 years. What the Trustee in this case has done has filed an objection to discharge based on the Guidices’ failure to disclose assets in their bankruptcy petition. If the court grants the objection, then the Trustee will be able to sell/seize all of their assets (including those they failed to disclose) to pay off their creditors on a pro-rata basis. However, unlike a normal bankruptcy, instead of getting a discharge as to the remaing balance of the debts (and with $11 million owed, it is unlikely the sale of their assets will result in payment if full to all creditors), the Guidices will still OWE that money to their creditors. That is, they will not be able to get the “clean slate” that a bankruptcy filing usually gives a debtor by “discharging” all remaining debt. Yes, that means they lose everything and still owe their creditors. That is a huge penalty for lying on your petition and is why you have to be completely honest when you file one — you get all of the burdens of filing the petition without any of the benefits.
However, the Trustee does NOT have the power to prosecute for the criminal fraud the Guidices have allegedly committed if, in fact, the court finds they committed fraud by failing to disclose all of their assets in their bankruptcy petition. Instead, the trustee will refer the matter to the US attorney general & the attorney general will decide whether to prosecute them for fraud (btw, filing a false bankruptcy petition carries a $10,000 fine & up to 10 years in prison).
However, in almost every case I have personally seen, the attorney general doesn’t prosecute. That being said, I’ve never seen a case involving a “public” figure or one with this much debt/fraud — so maybe the attorney general in NJ will go for it to “make an example.” If the attorney general does decide to prosecute they could very well go to jail and personally, having read their petition and the objection to discharge filed by the trustee, I hope the attorney general does decide to prosecute because these people really do deserve to be punished. My clients are honest & hardworking people who never dreamed of filing bankruptcy, but something terrible happened to them (like losing their job or getting really sick and being unable to work while racking up major medical bills) which led them to bankruptcy. They used their credit cards for food — not clothing and ATV’s for 6 year olds. And the vast majority of people who file bankruptcy are like my clients — it is the theiving a–holes like the Guidices who give bankruptcy debtors a bad (and undeserved) “rep.”
*crosses fingers and turns eyes toward heaven*
“oh please, oh please, oh please make it happen . . . “
One more thing – in the objection to discharge the Guidice’s trustee filed there is an allegation that they failed to file their tax returns for the last 4 years –this will be referred to the IRS and the IRS will definitely go after them for that. If they have committed tax evasion they have a very good chance of going to jail for that. Lets not forget — tax evasion is what finally got Al Capone.
Thanks for the info, heathen. It was very interesting.
Teresa Giudice deserves to “pay the piper”. And us taxpayers, too! Her greediness and unkind remarks about living in a “used house was gross” has come back to haunt her. Hey, lady, have you ever heard of Pine-sol? It cleans real good, you lazy ass. Boy, if she thinks living in someone’s else house is gross, wait till she goes to prison. She’ll be making lots of figure 8’s with the old mop. HA! HA!I believe that by her going to the “slammer” will benefit her kids because she has spoiled them rotten to the core. They are still young enough to have their attitude turned around.