Big-Spending Housewife In Bankruptcy

Last winter we questioned whether some of the “Real Housewives” on Bravo’s reality shows were as rich as they seem – or just living way beyond their means?

Little did we know that one of the devotees of conspicuous consumption we mentioned had already filed for bankruptcy.

Just a few days ago the gossip sites reported that New Jersey housewife Teresa Guidice and her husband Joe submitted a Chapter 7 petition last October, listing assets of $2.2 million and liabilities of $8.7 million.

What caused the financial meltdown?

Teresa told People.com that “due to the economy, most of my husband’s real estate ventures failed despite his hard work and effort. As a result, we looked to the Bankruptcy Court for a ‘fresh start.’”

Yeah. We’re sure the lavish lifestyle chronicled on the show had nothing to do with it.

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