NYDailyNews.com:
A bankruptcy auction of possessions belonging to "Real Housewives of New Jersey" star Teresa Giudice and her husband Joe has reportedly been canceled.
The Giudices filed for bankruptcy last October, and were later accused of undervaluing various properties in their Towaco, N.J. mansion that were listed as exempt from the filing.
The auction, reportedly set to feature those controversial items, including flat-screen TVs, chandeliers and a suit of armor, was scheduled for August 22, but later postponed.
Jim Kridel, a lawyer for the couple, tells People.com the auction has now been canceled entirely in favor of a private sale. The attorney explained that the couple stands to earn much more with a private sale.
"When the sale is conducted, the Giudices would get $52,000, because they are allowed that as exemptions," he told the magazine. "There would have been a shortfall. What if they got $30,000, but they owed $52,000 to the Giudices? It wouldn't help, so we said why not have a private sale? It would be best for the state, the creditors, the trustees and the Giudices."
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