While Joe and Teresa Giudice are awaiting their federal trial where they could face up to 50 years in prison, the Real Housewives of New Jersey stars got good news this week and that is that a bankruptcy court ruled they won’t have to sell their home to pay back their millions of dollars in debt. According to court documents obtained by RadarOnline, the trustee of Teresa and Joe’s ongoing bankruptcy case filed a motion to “abandon” their mansion in Towaco, New Jersey, because it is of “inconsequential value” to their estate.
Abandonment is usually an option when the sale of a property would be too difficult, or would not bring in enough money to settle the outstanding debts. The Giudice home is reportedly worth $500,000, and they still owe $1.65 million on the mortgage to the Community Bank of Bergen. Under abandonment, the bank may decide to proceed with foreclosure. The Giudice’s home has faced foreclosure several times in the past, but they have come through all of those situations on top.
The court’s proposal for abandonment was certified as having no objections on January 13th, according to documents obtained by Radar, so the Giudice family will not have to sell their home.
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