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Full Disclosure Required When You File Chapter 7 Bankruptcy

Some people say that famous people can get away with anything. This article shows that this is not true. One of the New Jersey housewives (ironically, one who I actually ran into while visiting the Borgata Hotel this summer in Atlantic City!), recently filed Chapter 7 Bankruptcy recently, and what follows is an article written about her as it pertains to her bankruptcy proceedings. Chapter 7 and Chapter 13 bankruptcy are ways to help you get back on your feet, but, if you don't play by the rules, even if you are famous, it might land you behind bars. Check out this article: NEWARK, N.J. (WPIX) — Money troubles continue to follow Real Housewife of New Jersey Teresa Giudice and husband Giuseppe "Joe" Giudice. The couple is accused of perjury and fraud for hiding major assets from the United States Bankruptcy Court, according to a complaint filed by a United States Trustee appointed to the Giudice's bankruptcy petition. According to a Complaint Objecting to Discharge filed by US Trustee Roberta A. DeAngelis on September 2, and obtained by RadarOnline.com, she requested the Giudices be denied their Chapter 7 of Title 11 bankruptcy petition because of inconsistencies, falsehoods and omissions in their filing. She also focused on two major sourses of income the Giucides neglected to include in their original October 29, 2009 filing: Teresa's cookbook Skinny Italian and online fashion boutique TGFabulicious.com. DeAngelis further stated these two items were not added to the filing during a meeting with creditors on December 23, 2009. The Giudices also did not inform DeAngelis of the book or website when she directly asked them about their financial situation. The Skinny Italian was published in May 2010 and the website was launched in Spring 2009. It was not until April 2010, according to the complaint, that Teresa admitted she had owned the website and had a contract with Hyperion, an imprint of publisher Buena Vista Books. According to DeAngelis, Teresa received a "$250,000 initial advance, a $30,000 additional advance, and royalties based on sales of her cookbook Skinny Italian." TGFabulicious.com also had over $100,000 deposited into its bank account over the course of six months following their October 2009 filing. The complaint also pointed the finger at husband Joe, who admitted he presented falsified federal income tax returns to DeAngelis, and that the tax returns were never actually filed with the Internal Revenue Service. Joe also did not disclose he owned the property at 1601 Maple Avenue in Hillside, New Jersey and that he was collecting rent from the location. DeAngelis stated "the defendants have concealed, destroyed, mutilated, falsified, or failed to keep or preserve recorded information from which their financial condition or business transactions might be ascertained." According to New Jersey's United States Bankruptcy Court, the Giudices have 30 days to answer the complaint or face a quick judgment by the bankruptcy court. FOR MORE INFORMATION ON FILING CHAPTER 7 or CHAPTER 13 Bankruptcy in Maryland, call the Maryland Bankruptcy Center, at (410) 766-4044, or (301) 587-8900, or e-mail us at info@mdbankruptcycenter.com.

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