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Thread: The Real Housewives of New Jersey

  1. #1671
    FORT Fogey brunette trixie's Avatar
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by PA Snow Bunny;3924390;
    All I can say is WOW to the amount of debt they have! I had my idenity stolen & they didn't steal nearly as much from me. 3 years later & I am still fighting the banks. How can you use a credit card for gas when you are in a hospital? Sorry I digress. That's what happens when you have to work on a Saturday to pay for someone elses crime.
    I "think" & the attorneys here can correct me if I'm wrong, but even if they declare bankruptcy they still are responsible for paying back a chunk of that debt.
    Makes you wonder last season when Teresa was puulling out 50 grand CASH to buy furniture in that marble monstrocity.
    I read in an article that Teresa said Bravo asked her to bring cash to make her shopping more dramatic. She said she really only paid a $1,000 down payment and charged the rest.

    I think Teresa enjoys her "character" on the show and love to exaggerate the amount of money she actually spends.

    If they really owe $11 million dollars in debt that is insane!!!! Wouldn't banks stop loaning them money for buying new properties after a while?

  2. #1672
    Kiz
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    Re: The Real Housewives of New Jersey

    I will admit to being snookered by Teresa. I thought her extravagant spending was a jacked-up Bravo ruse for ratings. After reading about the $104,000 credit card debt (drop in the bucket to their overall $11,000,000 debt though), she's practically turned shopping into a profession.
    You can always count on a murderer for a fancy prose style. ~Humbert

  3. #1673
    FORT Fogey tvaholic's Avatar
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    Re: The Real Housewives of New Jersey

    Well now we know why it's so important to get Gia into show biz! Looks like it's the only way out!

  4. #1674
    FORT Fogey Starbucks880's Avatar
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by PA Snow Bunny;3924390;
    All I can say is WOW to the amount of debt they have! I had my idenity stolen & they didn't steal nearly as much from me. 3 years later & I am still fighting the banks. How can you use a credit card for gas when you are in a hospital? Sorry I digress. That's what happens when you have to work on a Saturday to pay for someone elses crime.
    I "think" & the attorneys here can correct me if I'm wrong, but even if they declare bankruptcy they still are responsible for paying back a chunk of that debt.
    Makes you wonder last season when Teresa was puulling out 50 grand CASH to buy furniture in that marble monstrocity.
    I think it depends on what type of bankruptsy you are filing for (someone can correct me if I am wrong). My dad filed for Chapter 11 (or is it 13?) bankruptsy and he had to pay a certain amount per month. When he became too disabled to work, his attorney got it switched to Chapter 7 and he didn't have to make payments any more due to his financial situation. I wonder if they are falsely decreasing their actual income to get out of it. I could be wrong, but surely creditors wouldn't have given them all this credit if they actually made so little money relative to their debt. I remember banks looking at how much debt to income ratio I had to see if they wanted to take risks on me and looking at my credit history. It blows my mind that they would even be allowed to get 11 mil in debt if they actually make that little money.

    And who is this family giving them 120,000 dollars a year??? I also don't believe for one second that they only spend $400 on clothes. I hope they have to pay back as much as possible. Irresponsible behaviour like that shouldn't be rewarded. I wonder if this means Theresa will have to get a job, or if she is too pretty to work, too. And didn't she write a cookbook? I didn't see income from that listed--wouldn't she get royalties?
    Last edited by Starbucks880; 06-06-2010 at 08:34 AM.

  5. #1675
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    Re: The Real Housewives of New Jersey

    I'll bet they're all getting pay raises after this season.

  6. #1676
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by Starbucks880;3925000;
    I think it depends on what type of bankruptsy you are filing for (someone can correct me if I am wrong). My dad filed for Chapter 11 (or is it 13?) bankruptsy and he had to pay a certain amount per month. When he became too disabled to work, his attorney got it switched to Chapter 7 and he didn't have to make payments any more due to his financial situation. I wonder if they are falsely decreasing their actual income to get out of it. I could be wrong, but surely creditors wouldn't have given them all this credit if they actually made so little money relative to their debt. I remember banks looking at how much debt to income ratio I had to see if they wanted to take risks on me and looking at my credit history. It blows my mind that they would even be allowed to get 11 mil in debt if they actually make that little money.
    If they've gotten these lines of credit in the past few years, it's very possible that banks gave them more credit than they could handle, knowing they couldn't pay it off. That's a big part of what got us into the recession. Banks were doing poorly, so they gave loans to people who couldn't handle it to keep them afloat for awhile.

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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by tears.and.rain;3925082;
    If they've gotten these lines of credit in the past few years, it's very possible that banks gave them more credit than they could handle, knowing they couldn't pay it off.
    Yes, but there are also people who knowingly spent much more money than they could afford to spend, like Teresa and her husband apparently did.
    Look at all the things they have, like the Escalade, that over-the-top home (in their case, multiple homes!), and all the clothes shopping Teresa did.
    I do think they are hiding income, compared to what they declared as their income, but these two clearly knew they could not afford this lifestyle. They should not be able to escape most of the debt through bankruptcy.

  8. #1678
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    Re: The Real Housewives of New Jersey

    You're absolutely right and I NEVER said they shouldn't have to pay the money back. I was responding to Starbucks' musing about why a bank would continue to loan them money in the first place.

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    FORT Fanatic Holly in SoCal's Avatar
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    Re: The Real Housewives of New Jersey

    [QUOTE=Lucky22;3924414;]Can't imagine continuously spending when you already owe that kind of money.

    Sounds exactly like what our government is doing.

  10. #1680
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    Re: The Real Housewives of New Jersey

    I don't know whether they filed under Chapter 7 or Chapter 11? I believe the latter would restructure their debt and the former would discharge at least some of it.

    I understand that it's not hard to rack up a mountain of consumer debt when you live beyond your means. The Giudices had 4 properties, 3 of which they apparently treated like ATM machines. I do not understand how they were able to secure 3rd and 4th mortgages on them when, clearly, there was no real equity left - i.e., they owed far more on them than they were worth. And God knows how they could have found a mortgage lender for the McMansion.

    I'm also at a loss to understand why Joe Giudice would have left himself and his family vulnerable, in terms of his business debts. Those debts comprise $5M of their declared debt, or about half! Something about this smells bad to me.
    "Blessed is the lonesome pioneer." -- Judee Sill (1973, "There's a Rugged Road")

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