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.

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

"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.

"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.'"

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