Teresa Giudice
Ava Aliberti
Overview
Teresa grew up in the large city of Paterson, New Jersey. She was a graduate of Berkeley College with a degree in Fashion, Marketing, and Management. She now lives with her husband and four daughters. Teresa became wealthy through her husband successful construction business and her series of popular cookbooks. She is also apart of the famous show "The Real Housewives of New Jersey".
Chapter 7 Bankruptcy
The type of bankruptcy the Giudices chose was Chapter 7. Some of the terms were a liquidations of assets with the distribution of the proceeds to the creditors. They chose this avenue to avoid filing a plan of repayment. The Chapter 7 discharge releases debtors from personal liability for most debts and prevents the creditors owed those debts from talking any collection actions against the debtor.
Career Development
Giudice first worked for Macy's as an associate buyer. She has been a cast member of The Real Housewives of New Jersey and is a author of three successful books. Teresa also created a hair care line.
What caused there downfall?
Her downward spiral came when she was charged with a forty-one count indictment. These charges included lying to banks and hiding both assetsand money during a two year bankruptcy proceeding.
How much did they file for bankruptcy?
Under the Chapter 7 filing Teresa filed a one time charge of 13.5 million.
Lost Assests
She agreed to give the Federal Government a portion of her TV show paycheck, a vehicle, home furnishings, and rental income of owned properties. Teresa was able to keep two of her three homes and various vehicles as they were deemed invaluable.
What things could of been prevented?
The Giudices should of properly paid all real state and income tax. She should also have not obtained fraudulent loans from lending institutions.
Current Status
Her and her husband are serving prison time due to tax avoidance and fraud. Teresa's TV show income is on hold pending her release. Teresa is currently working on a deal with Bravo after her release from prison to reappear on the show.
What was learned and Thoughts
Not reporting taxes to the Federal Government should be avoided at all costs. It doesn't matter whether you are a celebrity or not, you can and will go to jail when breaking a law. Teresa and her husband should not have let greed get in the way of there financial decision making. Its obvious that she over extended herself to live a lavish lifestyle.