So, if any of you follow my twitter feed, you know I have a mild obsession with Bravo’s “Real Housewives” programming. When I found out that Teresa, one of my faves on the Real Housewives of New Jersey, filed for bankruptcy I wasn’t surprised. Her hubby is involved in construction/real estate, and I know that industry isn’t doing the best. Furthermore, the woman treats shopping like a sport. Her four kiddies look like living dolls. I mean, Teresa’s newborn had a fly new hat on in the delivery room!
From the NY Daily News:
The reality show couple reportedly filed for Chapter 7 bankruptcy with the U.S. Bankruptcy Court in Newark, N.J., last October. According to court documents, the couple owes $10.85 million to creditors.
In addition to $8.7 million in liabilities, they also are behind $2.6 million in mortgages on their three homes, including the family’s $1.7 million mansion in Towaco, N.J., that is featured on the Bravo reality show.
Yikes. Her Skinny Italian book is selling well, but the publishing industry doesn’t put new authors into retirement.
I really hope Teresa becomes a Frugalista super quick. She buys some nice stuff. I know she could sell a lot of her stuff to consignment shops and make enough to feed a village. If she put some of those LV bags on eBay, she’d so make a killing! Also, if she held a garage sale, I think it would be worth it for me to fly up to New Jersey just for her jewelry. She already is a great cook, so that’s frugal.
At least with the bankruptcy she’ll get a fresh start. I hope she stays away from the malls, boutiques, and avenues. Oh yes, and the plastic surgeon, too. She doesn’t need it.
Go, Teresa and Joe!
So what do you think about the Teresa and her hubby being millions in debt? A lot of the Bravo Housewives are having financial trouble. Is it something in the water or a sign of the times? Do you think Teresa can turn it around? I think so! Can you see Teresa shopping at an off price store?