Real NJ Housewife Teresa Speaks Out on $11 Million Debt Rumors

Entertainment Jun. 7, 2010 AT 5:29PM
Real NJ Housewife Teresa Speaks Out on $11 Million Debt Rumors Credit: Bravo

Talk about table-flipping.

Outspoken Real Housewives of New Jersey star Teresa Giudice was the subject of intense rumors over the weekend following reports that she and her husband Joe were over $11 million in debt.

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The 38-year-old mother of four -- whose palatial new home and cash-only shopping sprees are documented on her hit Bravo show -- addressed the talk in a statement to UsMagazine.com.

"While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion," Giudice says.

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"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.'"

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She continues: "When people fall, the way to success is to get up and learn from our mistakes. We are in that process."

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