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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

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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.

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