Bankruptcy Lawyers Blog

This weekend, Real Housewives of New Jersey star Teresa Guidice will have many of her possessions auctioned off as part of the terms of her bankruptcy filing. It is estimated that she and her husband Joe owe approximately $10.85 million to creditors.

The auction, which will be held on August 22, will sell off the contents of Guidice's new $1.7 million mansion located in Towaco, New Jersey. The home has been featured on the first two seasons of her hit reality show, The Real Housewives of New Jersey.

Items to be auctioned include:

• Schaefer & Sons grand piano
  
• Chandeliers
  
• Faux marble chess set
  
• Snow plow
  

Guidice and her husband filed Chapter 7 bankruptcy in October 2009 after several failed real estate ventures left them with their massive $10.85 million debt. Yet despite their tough financial times, the Guidices were shown on her reality show celebrating their tenth wedding anniversary with a brand new diamond for Teresa and a private helicopter tour for the couple.

Teresa has called her bankruptcy experience a fresh start for her family. Hopefully, this fresh start will include some more modest spending practices.