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Teresa and Joe Giudice’s Bankruptcy: A Lesson for All of Us

Real Housewives of New Jersey star Teresa Giudice and her husband Joe have started talking publicly about their decision to file bankruptcy Teresa said of their decision, “What is true is 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.”

We all know that some pretty famous people have filed for bankruptcy, but it is very unusual for one to speak on the subject. It is almost refreshing to hear someone who has the public’s attention talk about a personal experience that many of us have undergone, especially when the subject of bankruptcy is rarely discussed publicly. Teresa and Joe’s total income and expenses are almost equal. There is no doubt that they developed a lifestyle pattern of living outside of their means.

And at that point, bankruptcy is there to help. In fact, it may be the smartest decision to make at that point.
So, what can we learn from this very real housewife? Perhaps the most obvious lesson is that hard times truly do fall on anyone. I can’t express this enough. We seem to think that public figures live a cushioned life in million dollar homes and never struggle with the common problem of living outside of their means. But, everyone is at risk for facing unexpected events that make it hard to continue living a lifestyle to which they have become accustomed. This can happen to you, your neighbor, and the person you’re watching on TV—hard times don’t discriminate. What is strange is that more people do not open up and talk about this common experience, like Teresa.

Teresa has provided the public with another inspiring statement that is worth thinking about: “When people fall, the way to success is to get up and learn from our mistakes. We are in that process now.” If you truly want to have a successful life, then no matter what your definition of “success” might be, you need to take action to get there. And, as Teresa points out, bankruptcy is a new beginning, not an end.

Never thought you’d learn something useful from the real housewives, did you? Behind the silly façade they put on for the show, these people are real and they experience real things just like you. It is important to take in what Teresa and Joe have shared.

Are you thinking about calling a St. Louis bankruptcy attorney? Before you do, request a free copy of my Illinois and Missouri bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can learn common signs that indicate if you are in financial trouble, the most common mistakes people make in bankruptcy, and how to pick the best St. Louis bankruptcy attorney before you set foot in an office.

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