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Reality television couple convicted of Chapter 7 bankruptcy fraud

Everyone has heard the famous saying "anything worth doing, is worth doing right." While this may sound like an odd application of the well-known idiom, it is as true when it comes to filing for bankruptcy as it is when applied to building a home or raising children. In fact, Tennessee readers may find the following blog about one well-known couples' recent financial woes after a court found them guilty of committing Chapter 7 bankruptcy fraud and why doing it right the first time is so important.

It was recently reported that Teresa Giudice of "The Real Housewives of New Jersey," and her husband are in debt to creditors in the amount of $13 million. The couple filed jointly for Chapter 7 bankruptcy back in the fall of 2009 listing, almost $11 million in debt. Unfortunately, a judge denied the discharge of the couples' debt. According to reports, the couple got in trouble after the couples' court-appointed trustee accused the pair of hiding assets and income, a charge that ultimately resulted in the end of the bankruptcy.

While the couple has attempted to blame the recession for their economic woes, it does not explain all of the allegations of fraud. In fact, in addition to the recent bankruptcy drama, the couple was also caught in a second legal matter involving criminal charges stemming from an alleged conspiracy to defraud lenders and banks through the submission of fraudulent documentation between 2001 and 2008. While the couple paid $7,000 in legal fees, they now owe more than $13 million to creditors, according to the trustee.

Bankruptcy is not something that should ever be taken lightly, and it is certainly not something that should be done fraudulently. While this may sound like common sense, it can be incredibly tempting for debtors to withhold assets. Dishonesty often leaves consumers with more hassles than they had when they started. In the end, whether a consumer is filing for Chapter 7 bankruptcy or considering some other type of debt relief, doing it right is the only way to do it.

Source: The Star-Ledger, "Bankruptcy over, 'Real Housewives' stars Teresa, Joe Giudice still owe $13.4 million," Vicki Hyman, April 9, 2014

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