Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “What is Chapter 13 bankruptcy?”
Two popular figures from Bravo’s “Real Housewives of New Jersey” are now facing serious jail time after new reports indicate the Giudices agreed to a plea deal with federal prosecutors concerning suspected bankruptcy fraud.
For five seasons now, Teresa and Joe Giudice entertained many with their wild antics and even wilder spending habits. Given how wealthy cast members were perceived to be, it came as a surprise when the Giudices filed for bankruptcy protection following the end of the first season of the show. At the time, the Giudices simply said they needed a chance to reorganize their finances after taking on too much business debt.
It didn’t take long for members of the public to complain that the public behavior of the Giudices did not match the supposed financial constraints sworn to in federal bankruptcy court filings. Prosecutors took notice and eventually launched an investigation into actions by both Teresa and her husband, Joe.
Several months ago, prosecutors announced that each was facing dozens of charges relating to bankruptcy fraud, mortgage fraud and bank fraud. Though the duo was initially defiant, they appear to have decided not to continue fighting. Earlier this week they appeared in court together and pled guilty to a range of fraud charges, including lying on paperwork submitted to a federal bankruptcy court.
The Giudices say that after applying for Chapter 7 bankruptcy protection, they never disclosed Teresa’s real income from the “Real Housewives” show. Additionally, they never bothered to report money earned from personal appearances, magazine interviews or books written by Teresa.
Filing fraudulent financial records with a bankruptcy court is an extremely serious crime as the recent case indicates. Legal experts say that Joe Giudice is facing a recommended federal sentencing of between 37 and 46 months. When he’s done serving his time, prosecutors say that it’s also possible he could be deported because he was born in and remains a citizen of Italy.
For her part, Teresa will claim that she bears less responsibility for the fraud given that her husband was the person in charge of the family’s finances. Teresa will ask for probation given her four young daughters who need someone to look after them. Should the judge disagree, Teresa is facing nearly 2.5 years behind bars.
If you find yourself needing the services of a Charlotte, North Carolina bankruptcy attorney, please call the skilled lawyers at Arnold & Smith, PLLC today at (704) 370-2828 or find more resources here. As professionals who are experienced in the bankruptcy arena, our attorneys will provide you with the best advice for your particular situation.
About The Author:
Bryan Stone is a Partner with Arnold & Smith, PLLC where he focuses his practice on all aspects of bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord tenant issues. Originally from Macon Georgia, Mr. Stone attended the University of Georgia for a BBA in Banking and Finance and went on to Wake Forest to earn his law degree. After law school Mr. Stone relocated to Charlotte where he has become quite involved in many local organizations. He is currently the Chair of “Bravo!” the young professionals organization of Opera Carolina, he also founded the UGA Alumni Association of Charlotte. In his spare time he enjoys perfecting his BBQ skills for the annual “Q-City BBQ Championships” and playing softball with the Mecklenburg County Bar Softball League.
“’Real Housewives of NJ’ cast members admit guilt on mortgage, bankruptcy fraud charges,” by Jason Grant, published at NJ.com.
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