Teresa Giudice: Bankruptcy Papers Reveal Lavish Lifestyle

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Joe and Teresa Giudice are headed to jail but first they have to get their financial affairs in order...by screwing over their creditors to the tune of $13 million!

Teresa and Joe Giudice Head to Court

So how did the Real Housewives of New Jersey couple rack up such massive debt? By living like royalty despite the fact that they haven't had a dime to their names for years.

Court documents reveal that the Giudices live in a $1.7 million house with a Maserati, an Escalade and a Ford 350 in the garage.

Oh, that garage also houses toys such as a Sea Doo boat, Kawasaki quad and 2 go-carts.

As you may have guessed, Teresa and Joe have yet to make a single payment on most of those items and acquired them by lying to lenders - a practice that resulted in the couple's recent fraud convictions.

The strangest part of this story (aside from the fact that lenders actually believed the Giudices were worth that much) is that Teresa and Joe apparently listed their two dogs as being worth $600 each.

Not surprisingly, the court disagreed and ruled that the aging pets of a couple future jailbirds are worth exactly jack squat. 

The couple's debt has mostly been absolved as a result of their bankruptcy and no date has been set for Joe and Teresa to begin serving their sentences for fraud. 

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