Teresa Giudice Bankrupt: “The Real Housewives Of New Jersey” Star $8.5 Million In Debt

Teresa’s broker than one of LiLo’s stilettos after a night of binge drinking…

The Real Housewives of New Jersey’s Teresa Giudice lives a lavish lifestyle on the hit Bravo reality series, but behind-the-scenes, the Skinny Italian author is drowning in a mountain of millions of dollars in debt and struggling to make ends meet, according to a scoop first featured in the June 14 edition of Star Magazine.

A reality star living behind their means? Shocking!

According to US Bankruptcy Court papers obtained by the tabloid, Teresa and her contractor husband, Joe, filed for bankruptcy in New Jersey in October 2009, crippled by growing $8.5 million in debt that includes an unpaid mortgage, credit card bills, and renovation obligations.

Court documents reveal that Joe — who lets Teresa spend thousands of dollars a day on herself and the couple’s four daughters (Gia, Gabriella, Milania, and Audriana) — earns just $3,250 a month as owner of G&G Stucco and Stone Specialist. He pockets an additional $10,000 a month from his wealthy family. Teresa earns a monthly salary of $3,333 for her exploits on the RHOJ — peanuts compared to the $30,000 per episode The Real Housewives of NYC take home.

“It’s absurd watching Teresa on television showcasing her opulent lifestyle when she and her husband can’t even pay their bills,” a friend of The Giudices yaps to Star. “They can’t afford their ritzy ways…it’s only a matter of time before they lose their home.”

The couple are burdened with $6.7 million in mortgage debt for the various properties they own. Balances on Teresa’s high-end department store credit card accounts reportedly total more than $81,000, with these figures being just the tip of the iceberg: Bloomingdale’s, $6,000; Neiman Marcus, $5,000; Nordstrom, $8,000. The Giudices have Home Depot accounts with over $14,000 in debt. There’s an unpaid Verizon bill that skyrocketed to $2,300, and a nearly $12,000 payment due to a North Hudson IVF facility.

Although Teresa recently began hawking t-shirts and jewelry on her personal website TG Fabulicious, those close to the family doubt even she knows how strapped her finances are.

“Teresa’s concerned about their situation, but Joe always tells her it’s fine, he’s taking care of it. He glosses it over and says it’s not that bad. Teresa doesn’t push hard for answers because she’s busy with her kids and the show. She feels it’s the man’s job to take of money issues, so she backs off. But when she’s finally faced with the truth, she’s going to be in for an ugly shock.”