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"Real Housewives of New Jersey" Star Concealing Assets In Bankruptcy?

Posted By admin || 30-Jul-2010

Teresa Giudice one of the stars of "Real Housewives of New Jersey" is facing accusations that she and her husband have been concealing assets in their Chapter 7 bankruptcy filing.  Bankruptcy trustee John Sywilok says that the Giudices have allegedly concealed key documents about their finances and business transactions when they filed Chapter 7 bankruptcy this past fall.

The assets the Giudices are alleged to have concealed include interests in a pizza parlor, laundromat, Teresa's TG Fabulicious clothing and accessories company (where you can buy the "Jersey Girl" shirt she wore on the first season for $24.95) and the "Skinny Italian" cookbook she authored (which promises to teach readers how to eat spaghetti and still fit into their skinny jeans). Sywilok also accuses the couple of making false statements under oath about their assets, income and expenses.

If found guilty of concealing assets in Chapter 7 bankruptcy the Giudices could face charges of bankruptcy fraud, fines and the dismissal of their bankruptcy case.  Also, if the bankruptcy judge deems it necessary, the couple could face prison time if convicted of bankruptcy fraud.  But this isn't the first "upset" the Giudices have faced in their bankruptcy case.  Bankruptcy trustee Sywilok has already scheduled the public auction of the contents of the Giudices' newly built family mansion in Towaco, N.J.  The mansion has been the center of controversy since the Bravo reality show depicted the home's construction and no-expense spared decorating spree. It has twice been rumored that the mansion was facing foreclosure since the Giudices filed Chapter 7 bankruptcy.  Once the contents of the home are sold at the bankruptcy action, the proceeds will be distributed to pay creditors.  It is important to note that only the contents that are above and beyond the bankruptcy exemptions available to the Giudices will be auctioned off.

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