Teresa Giudice On Going Bankrupt – How do you blow $11 million? Teresa Giudice and her husband have filed for bankruptcy, and have claimed that they somehow managed to blow $11 million living a life that they could not afford. In a recent interview with “In Touch,” Giudice describes the lifestyle that they lived that led to their eventual bankruptcy.
They had lived the high life for 10 years, but were living far beyond their means. Their lawyer informed them that they were $11 million in debt, and that they did not have the assets to bail themselves out. Giudice said that she was “humiliated” by the news, and was not aware that they had overspent by so much.
Teresa had been mostly kept out of the loop regarding her husband’s business dealings, including his failures and successes. Apparently he did not have the heart to tell her that his business was sinking, and that she needed to cut back on her spending. Prior to the news given to her by her lawyer, she did not know that they were in financial trouble.
Teresa came under fire after she went on a $60,000 spending spree on home furnishings just after filing for bankruptcy. She claims that she was only attempting to make their house more attractive for the market place, but the figure does seem to be a bit high. She now claims that she and her husband are living within their means, and that her husband, Joe, has taken complete control of their finances, including imposing limits on all of her debit and credit cards.