Community Chat

[dmod nj]

On 4/9/2014 beammeupscottie said:

If they only have to pay 7500.00 to discharge the debt why doesn't everybody do it???? Just go out and get yourself every bit of finery and houses you can find. Fancy Cars, clothes, jewelry etc etc etc. YOu dont' have to pay for it.

I have sympathy for people who go bankrupt for a variety of legitimiate reasons. These scammers should have to pay back every dime.

*my edit

ITA!

[scotttie]

On 4/9/2014 dmod nj said:

On 4/9/2014 SeaGal said:

I heard this morning they have to pay 7500.00 to settle the bankruptcy costs, judges order.

eta~ oops

Hi SeaGal,

Thanks for that info. Makes sense.

Okay, I'm confused. So the $7500.00 doesn't relieve them of the rest of the debt?

[dmod nj]

On 4/9/2014 beammeupscottie said:

On 4/9/2014 dmod nj said:

On 4/9/2014 SeaGal said:

I heard this morning they have to pay 7500.00 to settle the bankruptcy costs, judges order.

eta~ oops

Hi SeaGal,

Thanks for that info. Makes sense.

Okay, I'm confused. So the $7500.00 doesn't relieve them of the rest of the debt?

I guess, based on what SeaGal heard, NO, they are not released from the debt.

Fingers crossed that is correct.

[scotttie]

On 4/9/2014 dmod nj said:

On 4/9/2014 beammeupscottie said:

On 4/9/2014 dmod nj said:

On 4/9/2014 SeaGal said:

I heard this morning they have to pay 7500.00 to settle the bankruptcy costs, judges order.

eta~ oops

Hi SeaGal,

Thanks for that info. Makes sense.

Okay, I'm confused. So the $7500.00 doesn't relieve them of the rest of the debt?

I guess, based on what SeaGal heard, NO, they are not released from the debt.

Fingers crossed that is correct.

Thanks Dmod. Same here!

[Buck-i-Nana]

I would tend to believe the 2nd linked article over TMZ.

What I know of bankruptcy is if debt is secured, the security is immediately forfeit and repossessed by the creditor. The only ones who face losses are those whose debt was unsecured and in bankruptcy those debts are usually settled at reduced amounts based on assets available to make payment.

[lulu2]

There is a local talk show on NBC in NYC. They just reported the TMZ story. Teresa has been on this show numerous times.

[mgm2]

On 4/9/2014 dmod nj said:

http://pagesix.com/2014/04/09/teresa-and-joe-giudice-to-clear-13m-debt-with-7500/?_ga=1.12394481.49...

As I understand it, they will NOT have to pay any more back?

What am I missing?

[RainCityGirl]

I don't know much of anything about these people, except that they broke the law for personal financial gain. It is not, however, unusual for people like them to never have to pay back anything. Did the Madoffs have to pay back what they stole from people? I'm not sure. Ken Lay's family got to keep all the ill gotten gains because he "conveniently" died, and apparently, that canceled all the charges against him. I often wonder how they can live with themselves knowing they are living high off the backs of those who lost their nest eggs due to him. I'm not even sure he's really dead and not living the high life in the Cayman Islands. Did anybody actually SEE the body?

[Lion]

I read about this on another site and, from what I read, the TMZ version isn't correct.

A number of people, some with legal background, explained it and the Guidice's are *not* off the hook.

Their creditors can go after them and their assets. Plus, the feds case has nothing to do with their bankruptcy filing/creditor debts and the feds' case can go after them for restitution, also.

[Mj12]

On 4/10/2014 Lion said:

I read about this on another site and, from what I read, the TMZ version isn't correct.

A number of people, some with legal background, explained it and the Guidice's are *not* off the hook.

Their creditors can go after them and their assets. Plus, the feds case has nothing to do with their bankruptcy filing/creditor debts and the feds' case can go after them for restitution, also.

Hi Lion

ITA with all you've posted. I just read the following, seems as though (obvious to all) they are very cash poor, and of the total debt they declared in bankruptcy documents, of that total they have paid back so far only $7500.

"The bankruptcy trustee overseeing the "Real Housewives of New Jersey" couple's case submitted a final report Tuesday - estimating that the Giudices owed creditors $13.5 million of which they’ve just paid back $7,500."

Read more: http://www.nydailynews.com/entertainment/gossip/teresa-giudice-joe-giudice-owe-13-5-million-bankrup...