Teresa and Joe Giudice of “Real Housewives of New Jersey” fame can only pay $7,500 of their $13 million debt, as declared by a bankruptcy judge.
Teresa and Joe seemed to have it all, but their lavish lifestyle – including their $1.7 million home – was based on loans, according to the Daily Mail.
The residence holds just $140,000 of equity, with the remaining $1.56 million financed by mortgages, while their other two homes are fully mortgaged.
Documents obtained by the gossip site also show the couple’s lavish lifestyle was little more than a façade, with the Giudices having had next to no equity in their collection of posh homes, vehicles and toys.
But while the reality stars’ financial troubles may be nearing an end, their legal ones aren’t. Both Teresa, 41, and Joe still face serious prison time for bank fraud.
Last month, TMZ reported that Teresa was expected to get 21 to 27 months in prison while her husband was looking at approximately 46 months. Joe, who was born in Italy, faces deportation.
The couple was initially indicted on 41 counts related to making false statements on loan and bankruptcy documents. Early last month, Teresa pleaded guilty to four counts while Joe pleaded guilty to five.
The Giudices were married in 2001. They have four daughters together, Gia, Gabriella, Milania and Audriana.
Back in August, sources close to Teresa said she didn’t want her children to be raised by her brother while she was in jail.