Are the Real Housewives that filed Bankruptcy going to Jail?

We’ve all learned by now that “reality” TV isn’t so real after all, but nothing reveals this more than watching the stars of Bravo’s “Real Housewives” flash luxury lifestyles on the show only to file bankruptcy in real life. In fact a dozen housewives appearing on the various “Housewives” shows have filed bankruptcy in recent years with one of them, Teresa Guidice, facing possible jail time for numerous counts of fraud and for trying to cover up her misdeeds with the bankruptcy court. The other 11 Housewives that have filed bankruptcy will need to start living within their means and stop showing off for the cameras, but unlike Teresa Guidice and her husband they will actually be given a second chance through their bankruptcies. In trying pull one over on the bankruptcy court the Guidices on the other hand probably wish they would have taken the advice of a bankruptcy attorney sooner.

No matter how much debt you have you can never be thrown in jail for not paying your bills, or for filing bankruptcy. Quite the opposite is true. Bankruptcy is your legal right, and congress decided long ago that people in the United States deserve a second chance for debts they couldn’t ever hope to repay. This holds true even when it comes to the lavish and somewhat irresponsible spending of many of the Real Housewives. Take Sonja Morgan’s nearly $20 million debt for example. Sonja lost her villa in France earlier this year, but will likely get to keep her swank Upper East Side Condo thanks to a good bankruptcy plan. Either way she isn’t going to jail for her debt and many of her assets and bank accounts will be protected from her creditors in the process as well. She will undoubtedly need to start spending less, but will retain much of her ritzy lifestyle in New York City.

Michaele Salahi and her husband, famous for party crashing the White House, also filed bankruptcy after living to excess for the sake of the TV show. They should have maybe gone to jail for that, but they won’t be going to jail for not being able to pay their bills. They lost their fancy sports car and a nice boat, but should otherwise come out on top in their bankruptcy case. Forfeiting a car and boat you probably shouldn’t have in the first place doesn’t seem like much to lose when you compare it with going to jail.

Only the Guidice’s who tried to defraud their lenders and also chose to cheat the generous US Bankruptcy Code ended up in trouble. To be clear, there will be consequences for the other Real Housewives that filed bankruptcy, but in the end their bankruptcies are a step the right direction. They will recover financially without losing everything. The Guidices will go to jail.

If you think your debt is too high or your lifestyle too lavish to file bankruptcy just turn on Bravo. Don’t take matters into your own hands. Take the advice of a qualified bankruptcy attorney who can help protect your assets and lifestyle no matter how much you owe, or what you have been spending your money on. If you live in New York City contact the Law Offices of William Waldner online or at 212.344.2882. We only practice bankruptcy law and know how to protect your valuable assets and bank accounts in bankruptcy.

**** DISCLAIMER: This article is intended for educational purposes only. By reading no attorney-client relationship has been created. Prior results do not guarantee a similar result for future clients.