NJ 'Housewife' Teresa Giudice Files for Bankruptcy

Wonderwall, Monday, June 7, 2010, 3:47pm (PDT)

By Molly McGonigle

Known for getting her lavish spending (dropping $2000 in a single store!), dream house reminiscent of an Italian mansion, and that big ol' black Escalade, Teresa from the "Real Housewives of New Jersey" has reached her spending limit.

According to the NYPost, Teresa and Joe Giudice owe an outstanding $11 million and have filed for Chapter 7 bankruptcy. The couple claim to make $79,000 a year, with an additional $120,000 deemed "assistance from family members."

RELATED: Teresa gets her "Bubbies" done

What do they owe $10,853,648.04 for? Some of the things on the list include: Mortgages on their three homes; credit card debts of over $20,000 to Bloomingdales, Neiman Marcus, and Nordstroms; $12,000 in fertility treatments; and $85,000 in home repairs.

Plus, Joe owes $5.8 million in business ventures gone awry. Ouch!

RELATED VIDEO: Check out footage of the Jersey "Housewives"

Teresa released a statement to People.com about her money mess. "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 said.

While the details around the Giudices' spending and income remains fishy, one thing remains certain: Skinny Italian better remain a NYTimes Bestseller or this family could be relying on their 9 year old model-daughter Gia to bail them out of financial ruin.

RELATED: Teresa's husband Joe gets a DUI