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Bankruptcy option removed from table by famous New Jersey couple

Many New Jersey residents are in need of debt relief, and the rich and famous are no exception. It is common knowledge that people of all income levels are seeking ways to better manage their finances due to the sluggish economic recovery. For some, bankruptcy options are the best way to earn a fresh start.

One example of how substantially financial distress can hit the well-to-do is the case of one of the stars of the hit TV series “The Real Housewives of New Jersey.” Not too long ago, Teresa and Joe Giudice filed for bankruptcy. Now, however, they are reported to be removing the bankruptcy petition. It is being reported that the couple will try to pay off creditors on their own.

Allegedly, the couple has an estimated debt load of $11 million. Most of this is reported to be related to Joe Giudice’s work. No further details concerning the debts were released.

While it is good news that this couple plans to pay off their debt without the aid of bankruptcy, many people in New Jersey do not have that luxury. For individuals and families in this category, debt relief is often only available through various bankruptcy strategies. For many, the best first step when considering bankruptcy is to seek out legal advice from an experienced attorney.

It also bears mentioning that there is no shame in taking advantage of the current laws protecting individuals when they fall upon hard times, especially in the current economy. But despite the many benefits, the laws pertaining to bankruptcy are complex and difficult to understand. A qualified New Jersey bankruptcy lawyer may be able to answer questions and help lead filers to the best possible outcome.

Source: Hollywood News, “‘Housewives of NJ’ star happy to be paying off debt,” Molly Sullivan, Sept. 21, 2011

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