Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

Reality TV stars exit bankruptcy with same debt they had going in

Chapter 7 bankruptcy offers protection for those in Summit whose debt threatens to overwhelm them. Should they comply with all of the demands of the court during the time that their bankruptcy is active, then the remainder of those debts not already satisfied through the liquidation of whatever eligible assets they had will be discharged. Yet in order to take full advantage of that protection, one has to be completely upfront with the court during his or her bankruptcy proceedings. This includes disclosing any and all assets they hold to their court-appointed trustee. A failure to do so could leave him or her facing possible criminal charges.

This is exactly the predicament that reality TV star Teresa Giudice and her husband currently find themselves in. When the pair filed for Chapter 7 bankruptcy in 2009, they listed $2.3 million in assets compared to over $11 million in debts. Yet the couple has since admitted that they purposely withheld assets from their trustee. This led them to plead guilty to a series of criminal charges, among which included bankruptcy fraud. To further compound their troubles, the judge overseeing their case has refused to discharge their bankruptcy debts, which now total over $13 million.

Many have used personal bankruptcy to free themselves from overwhelming debt and re-start their financial lives with a fresh footing. The last thing one wants after having gone through this ordeal is having to still pay those debts thanks to their not fulfilling all of the obligations associated with their case. To ensure that one keeps from making any mistakes during his or her bankruptcy, he or she may wish to work closely with a bankruptcy attorney during the entire process. 

Source: " 'Real Housewives' stars Teresa, Joe Giudice paid off $7,500, still owe $13.4 million" Karen Sudol, Apr. 09, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions