There has been a lot of criticism of the Giudices bankruptcy filing and their extravagant lifestyle which in many ways is understandable. The Giudices bought a $1.7 million mansion, a $1200 a month Cadillac Escalade and flaunted their extravagant lifestyle on national TV. But aren’t the Giudices more like the rest of us in ways that we may be reluctant to admit. Let’s take a look at the facts:
The Giudices wanted to live the American dream and were willing to do so even if it meant living on credit. Do you honestly believe that the Giudices thought they were going to end up in bankruptcy? No, most likely they thought that their catapult to fame would translate into fortunes beyond their wildest dreams. Isn’t that like most of us? During the housing boom, people left their professions to find real estate fortunes in pursuit of the American dream. We see where this left many people and businesses – in bankruptcy. But does pursuing a dream – even if it is foolish and drives them into bankrutpcy, make someone a dishonest person? No, it doesn’t. Many people make bad decisions or foolish decisions that put them into bankruptcy. And the bankruptcy code does not prevent foolish debtors from receiving a bankruptcy discharge.
Yes, we all know that the Giudices have lived beyond their means and this fact alone is probably the biggest problem that pushed them into bankruptcy. However, this does not make them any worse than the low-income family that bought a little too much house for their budget or overextended themselves on credit card debt during the holiday season. Both the Giudices and the low-income family have made bad decisions and both of them need the debt relief that bankruptcy offers.