Charlotte Bankruptcy attorney Bryan W. Stone answers the question: “Can I keep my house if I file bankruptcy?”
In the continuing saga over “The Real Housewives of New Jersey” star Teresa Giudice, it was revealed today in a report by a bankruptcy trustee that Giudice and her husband remained millions of dollars in debt despite filing for bankruptcy three and a half years ago.
The report by trustee John Sywilok showed that of the total $13.4 million in debt listed by Teresa and her husband Joe Giudice, only $7,500 in attorney’s fee had been paid. The two originally filed for Chapter 7 bankruptcy protection back in October 2009, listing more than $11 million in debt.
In the initial filing, the Giudices said that the bankruptcy was due to real estate deals that had gone sour in a bad economy. Teresa spoke later in a blog post about the decision to file, saying that her wild spending habits showcased on the show had nothing to do with the Chapter 7 petition. Instead, she said that their attempts to buy and sell commercial buildings and apartment homes had gone bad and resulted in unmanageable levels of debt.
Problems went from bad to worse for the Giudices, as federal prosecutors ultimately brought bankruptcy fraud charges against the couple, citing examples of income and assets the two had hidden during the filing process. Earlier this year the couple pled guilty to charges connected with their 2009 bankruptcy and both now face possible prison time.
Because the bankruptcy is officially over, it is now possible for the couple’s creditors to go after them for the money they are owed. The Giudices are now in the same boat as they were in before and continue to owe the money they owed the first time around. Given their criminal convictions, her husband’s potential deportation and mounting debt, it’s fair to wonder how the Giudices will ever be able to afford to pay back the millions they owe. If they are considering filing for bankruptcy protection again they are going to have to do a much better job of honestly disclosing assets and liabilities before any judge will consider granting their request.
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’ stars Teresa, Joe Giudice paid off $7,500, still owe $13.4 million,” by Karen Sudol, published at NorthJersey.com.
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