"Real Housewife" Faces Real Consequences in Bankruptcy

September 22, 2010 (Press-News.org) The Wall Street Journal reported in July that one of the stars of the "Real Housewives of New Jersey" and her husband had filed for bankruptcy protection in 2009 and were facing accusations from their Chapter 7 Bankruptcy trustee that they had concealed key financial information about their assets while seeking the discharge of debt available to individuals under the Bankruptcy Code.

Teresa Giudice and her husband Giuseppe were also accused of providing false statements while under oath about their income, expenses and assets. The trustee identified interests in a pizzeria, Laundromat, clothing line and published book as examples of assets concealed from the bankruptcy process. News reports of the pending auction of their household items, followed by snickering allegations of their worth, provided another sideshow for the media circus.

Further proceedings in the U.S. Bankruptcy Court revealed allegations that Teresa Giudice went on a $60,000 spending spree soon after the couple filed their bankruptcy petition due to the $11 million debt they had sustained from her husband's real estate dealings. Reports of their attorney's shock at not learning some of the details until he was in court underscore the importance of a strong and trusting collaboration between clients and counsel.

Steady Advice to Help Real Families Find Real Solutions

Obviously, no one expects their personal life to be exposed when they seek debt relief. In the everyday reality that most people inhabit, discussing and pursuing debt relief options is a deliberate and constructive process that will bring much-needed breathing room and a sense of achievement.

Regardless of your level of income or notoriety, an experienced bankruptcy lawyer can help you assess your financial picture and explore options such as Chapter 7 and Chapter 13 bankruptcy, loan modifications, debt consolidation, and other strategies. For clients who own a business, the Chapter 11 process can help them restructure to make it through a down period and reposition their venture for future success. From stopping creditor harassment to fighting foreclosure, the law provides real remedies to help people stem the tide of overwhelming debt.

Article provided by Park & Nguyen
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