Teresa Giudice of "Real Housewives of New Jersey" Files for Bankruptcy

NEW YORK (CBS) "Real Housewives of New Jersey" star Teresa Giudice might be portrayed as living the good life on TV, but bankruptcy court records would disagree.

PICTURES: "Real Housewives," Real Trouble

Back in October, Giudice and her husband, Joe, filed for Chapter 7 with the U.S. Bankruptcy Court in Newark, N.J., People reports. 

According to the documents, the two owe nearly $11 million to creditors against their annual household income of $79,000, due to unpaid mortgages, hefty credit card bills and renovation obligations.

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

"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.'"

The free-spending mother of four is often filmed showering her daughters with lavish shopping sprees and parties, and was once shown holding a stack of cash while furnishing her $1.7 million mansion in Towaca, N.J.