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Joe and Teresa Giudice

New Docs Reveal

Lavish Deadbeat Lifestyle

4/9/2014 1:00 AM PDT BY TMZ STAFF
EXCLUSIVE

0408-teresa-giudice-getty-01

Joe and Teresa Giudice will get a clean slate from the bankruptcy judge -- they paid $7,500 to creditors and in the process they'll erase more than $13 MILLION in debts!!!

The docs -- obtained by TMZ -- are shocking.  Joe and Teresa lived their lives through smoke and mirrors, having almost no equity in any of their lavish trappings of wealth.

They have a $1.7 million house with only $140K in equity.  There are 2 other properties where they have NO equity.

They have a Maserati, an Escalade, a Ford 350 and have NO equity in them.  They also have toys -- a Sea-Doo boat, a Kawasaki quad, 2 go carts and other stuff -- no equity.

As for their creditors who will walk away with nothing ... they include 5 banks, all of which loaned the couple more than a million bucks.  Wachovia Bank got shafted to the tune of $5.3 MIL.

As we previously reported ... the Giudices are about to get prison time for bank fraud.

BTW ... one really weird thing.  The Giudices valued their dogs at $600.  The bankruptcy trustee begged to differ, saying the dogs were worthless.

182 COMMENTS

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1.

Teresa andrews    

The dogs couldn't possibly be more worthless than these two dirt bags.

142 days ago
2.

BLUE UGLY 💩    

Two losers

142 days ago
3.

nana    

I feel so bad for Theresa., I do man. Lawyer fees, MY GAWD!

142 days ago
4.

Rigby    

What the hell!!?!! They need to make a law a debt over a million dollars should not be able to file for bankruptcy. WTF they need to make payments and pay off there OWN DEBT!

142 days ago
5.

MTG    

Filing Bankruptcy is criminal. You take out to much debt, then bam- file bankruptcy and keep everything.

142 days ago
6.

MightyMatt    

Maybe she should have used some of that money for moisturizer. Her face looks like its had a hard life.

142 days ago
7.

Miss k    

If they have money to buy those expensive stuff then they should be able to pay back the creditors

142 days ago
8.

xxx    

We have students and former college students buried under mountains of debt that cannot be discharged under bankruptcy or anything except death. It can keep them from jobs, starting a family, owning a house, etc.....yet there is at least one story a month about an athlete, reality douche, celebrity getting MILLIONS in debt dismissed....then they go right back to their overspending ways. What a joke.

142 days ago
9.

CT    

If they dont get prison time then someone needs to kill them.

142 days ago
10.

X    

S*** OF THE EARTH

142 days ago
11.

DiM    

Banks lending money to people who have very little equity or no proven means to pay it back is nuts.
The banks get no pity from me. They quite clearly need a lot more regulation.

142 days ago
12.

franklyspeaking    

#DIRTY JERSEY

142 days ago
13.

Dr. Cornelia J. Dogbarker PhD    

That dumb bitch needs to take needle nose pliers and pluck the hair from the middle of her forehead. She's ape-like. Oh, and enjoy prison, losers!

142 days ago
14.

HumanNature    

THEY FILM, FLAM A BANK!!!!!


NOW, THAT'S ROBBERY!!!!!!

142 days ago
15.

HumanNature    

THEY "HONESTLY" STOLE 5.3 MILLION OF THE BANK'S $$$$$$$$$ FOR YEARS AND SPENT IT!!!!!!


THEY REALLY STOLE FROM RICH INVESTORS!!!!!!


"BRILLIANT"!!!!!!

142 days ago
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