'Real Housewives of NJ': Teresa Giudice comes clean on her bankruptcy

real-housewives-bravo-teresa-giudice-claims-bankruptcy-4.jpgOver the weekend, news of " The Real Housewives of New Jersey's" Teresa Giudice's October 2009 bankruptcy filing broke. Castmate and best friend, Dina Manzo, quickly came to Teresa's defense and Teresa, herself, tweeted that she was doing fine.

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.