A "Real Housewife of New Jersey" star known for flaunting her money has some genuine financial problems.
Teresa Giudice and her husband Joe have filed for bankruptcy after running up debts of nearly $9 million.
“While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion,” Giudice told People magazine. "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.’”
Papers filed in federal court in Newark, N.J., show that Giudice, 38, and her husband filed for Chapter 7 bankruptcy, which requires liquidation of assets in order to pay creditors, in October of last year.
Known for blowing big bucks on her kids and a new suburban mansion, the couple declared their personal assets, which include real property and personal property, as $2,261,150. But they owe $8,709,831.34.
It's not clear how much Teresa Giudice earns for appearing on the Bravo show, where she once flipped over a table in a fit of rage. But the couple listed their monthly income, including help from family members, at $16,583.33.
“When people fall, the way to success is to get up and learn from our mistakes,” Giudice said. “We are in that process.”