Sunday, August 12, 2012

Teresa Giudice Bankruptcy

From the WSJ:

The first “Real Housewife” to seek bankruptcy protection, Teresa Giudice of New Jersey, talked about her bankruptcy experience on the latest episode of Bravo’s “Real Housewives of New Jersey.”
(Other housewives who’ve strolled through bankruptcy court include Danielle Staub, as well as Sonja Tremont-Morgan and  Tareq and Michaele Salahi.)

In a meeting with bankruptcy lawyer James Krindel, Giudice asks, “When do you see the end of this? I want to see the tunnel. I want to see the light.” Her case has been ongoing since 2009.

“Going through this bankruptcy, if anything, made us stronger,” she continued. “It didn’t break us.”
Krindel explained that because Teresa Giudice and husband Joe Giudice filed a joint petition, the filings have to be discharged separately.

Joe Giudice’s reached a settlement in his bankruptcy after he invoked his Fifth Amendment rights when questioned in court about his assets, according to the Star Ledger. But Joe Giudice’s settlement didn’t conclude Teresa’s bankruptcy, nor did it discharge any of his debt.

“What can I do to get out of my bankruptcy?” Teresa asked Krindel after he explained that Joe was near the end of his process.

“We’re attempting, as you know, to settle this thing. I know it’s Teresa’s intent to try to pay her creditors. We’ve made an offer to the U.S. trustee’s office as well as to the Chapter 7 trustee, and they have not accepted that offer at this point,” Krindel said.

It’s not clear when exactly when this conversation took place—the show is taped in advance. However, in order to resolve an adversarial suit filed by the U.S. trustee against Teresa Giudice, she and the trustee agreed last December that none of her debt would be discharged in the Chapter 7 case.

The most recent information on the case docket is a status report from the U.S. trustee on June 15 saying that because the debts won’t be discharged, negotiations to sell certain property owned by Joe and Teresa through a limited-liability company are ongoing. As a result, the case isn’t likely to be concluded during 2012, he said.

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