"Real Housewives of New Jersey" cast member Teresa Giudice and her husband Joe have filed for bankruptcy, according to a report.

People magazine reports that the couple filed for Chapter 7 bankruptcy back in October. Teresa tells People in a statement, "While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion,"

She explains, "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.'"

Mom of four Giudice told People, "When people fall, the way to success is to get up and learn from our mistakes. We are in that process."

According to People, the Giudices listed their assets in court papers at $2,261,150 and their liabilities at $8,709,831.34. The couple listed debts that include over $33,000 in store credit cards, $85,000 for home repairs and $91,000 for building materials for their home, according to People.

Moreso, People reports that they listed their monthly income at $16,583.33 with expenditures at $16,582 -- meaning they only have $1.33 left over at the end of each month.

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