Teresa & Joe Giudice’s Bankruptcy Case Gets Reopened — Find Out What This Means For The Couple HERE!

no title

Teresa and Joe Giudice‘s past mistakes continue to haunt them.

According to Teresa’s bankruptcy lawyer Carlos J. Cuevas via E! News, a judge decided to reopen the reality couple’s 2009 bankruptcy case. Apparently the presiding judge decided there hadn’t been enough progress made on their hefty debt payments.

Video: RHONJ Is Back!

The news comes as a big blow considering the pair had set up payment plans to satisfy their backed taxes and creditors, a system they’ve maintained since they were officially convicted of bankruptcy fraud in 2014. Not to mention Joe was just shipped off to jail following Tre’s year long and emotionally painful confinement.

Unfortunately for the duo, the judge is pissed that it has taken seven years to eradicate their debt, stating:

“Satisfied means paid in full in my book. There may have been a satisfaction of a number of creditors… but the fact remains that creditors still exist.”

Yikes. This situation sounds SO daunting!

As for the couple’s defense, they claim their original bankruptcy lawyer James Kridel screwed up their finances so badly that it led to their second 2013 bankruptcy filing in addition to their subsequent jail terms. Teresa and Joe have sued James for damages which they hope to put towards their backed taxes.

While a settlement from Kridel would be great for the parents, a representative for the creditors argued the money should go to THEM and not the U.S. government. It’s just another sticky aspect of the situation that Mr. Cuevas will have to work out in court.

Summing up the Giudices’s troubling predicament, Carlos explained:

“Judge [Meisel] did not make a ruling as to whether or not Ms. Giudice is the owner of the claims underlying the Kridel lawsuit. So, Ms. Giudice is now in discussions with her bankruptcy trustee to try to reach a settlement concerning the ownership of the claims underlying the Kridel lawsuit. We are going to try to reach a settlement with the trustee in which the funds from the Kridel lawsuit could be earmarked to pay her back taxes. A lot is going on, so stay tuned.”

Wow, what a complicated legal mess. Hopefully the momma and her lawyer will be able to sort this headache out sooner than later.

Good luck, girl!

May 25, 2016 5:49pm PDT

More Like This