'Real Housewives of NJ': Teresa Giudice comes clean on her bankruptcy
Now, Teresa has come out to explain her family's financial woes.
"What is true is that due to the economy, most of my husband's real estate ventures failed despite his hard work and effort," she tells People. "As a result, we looked to the Bankruptcy Court for a 'fresh start.'"
According to the bankruptcy filing in Newark, NJ court, Teresa and her husband, Joe, make only $79,000 a year combined and receive $10,000 a month in assistance from relatives.
Additionally, the reports say that their $1.8 million Towaco, NJ mansion, which Teresa obsessively blinged out in Season 1, and their Jersey Shore vacation home are in foreclosure. The news outlets also state that the Giudices have defaulted on their Cadillac Escalade and they owe $12,000 to a fertility clinic.