As we reported over the weekend, Real Housewives of New Jersey star Teresa Giudice and her husband Joe are in some serious finacial trouble.

The outspoken 38-year-old mother of four addressed the talk regarding reports that she is in over $11 million in debt.

“While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion,” Giudice tells Us. 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. When people fall, the way to success is to get up and learn from our mistakes. We are in that process.”

Indeed court papers filed with the U.S. Bankruptcy Court in Newark, N.J., show that the Giudice’s filed for Chapter 7 bankruptcy, which requires liquidation of assets in order to pay creditors, in October of last year.

Papers also show that the couple had to undergo credit counseling, and were awarded a temporary stay on payments for their Cadillac Escalade and mortgage payments for properties.

In addition, the pair had to assess their monthly income. Combining Joe’s salary as owner of G&G Stucco and Stone Specialist in Clifton, N.J., with Teresa’s income from Bravo and “monthly assistance from family members,” that number totaled $16,583.33. Their expenditures, including their mortgage, food, clothing, dry cleaning, health insurance and other expenses, total $16,582.

The couple owes more than $33,000 on various store credit cards, $85,000 for home repairs and $91,000 for materials used to build their new home.
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