Teresa Giudice of Real Housewives speaks out about her bankruptcy

The word is about Real Housewives of New Jersey star Teresa Giudice's $11 million debt that forced her into bankruptcy. Our friends at Popeater released a post about her exclusive interview with Naughty But Nice and Teresa has finally spoken out in detail about the reality of her financial struggles.

Here's the scoop: A report filed with the Newark Federal Court states that Guidices and her husband have a combined annual income of just $79,000. The couple continues to struggle making credit card bills, and can't keep up with house payments. It has also been reported from the Newark Federal Court that the Guidices are busy trying to handle their home foreclosures. They have defaulted on payments for their Escalade, their $1.8 million home in Towaco, NJ is foreclosed, and Teresa still owes $12,000 to a fertility clinic for her husband Joe's vasectomy which she demanded on the show!

Their lavish splurges have pushed them into deeper debt, but they reportedly continued spending just weeks before the bankruptcy filing. Teresa claims that the shopping spree with her daughter that was recorded on the show was years ago when her daughter Milania was two, and the economy was booming. Milania is almost five, which would mean that around the end of 2007 the economy was good. That's just when everything went downhill, and these missed payments are ongoing. This is not a sudden financial depression for the Guidices. Their spending has finally caught up with them.

Teresa did say that she learned important lessons from the bankruptcy. She is teaching her kids the value of hard work, being that she has many jobs. The family has cut back on spending, and Teresa is now working on a new book which will provide some much needed income for the Guidices. They currently save a lot of money by eating at home.