Real Housewife Teresa's Out of Money and Owes Millions?!

Real Housewives of New Jersey gal Teresa Giudice and hubby Joe file for bankruptcy

Bravo better get cranking on its companion series, Real Hard-Working Wives of New Jersey.

Housewife Teresa Giudice and her husband (aka "joint debtor") Joe filed for bankruptcy in October, citing $8.7 million in liabilities, including $20,000 owed to Bloomingdale's, Nordstrom and Neiman Marcus.

So, what went wrong this time?

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

"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."

They list pretty much all of their possessions in the 62-page filing, from their kids' bedroom furniture to their wedding bands, the most substantial assets are in the form of real estate, including their lavish five-bedroom home base in Towaco. Their interest in the property is listed at $1.7 million, according to documents obtained by E! News.

According to the petition filed in U.S. Bankruptcy Court in New Jersey, Giudice nets $3,300 a month from Bravo, while Joe takes in about $3,250 a month from his stone and stucco company, plus another $10,000 in monthly loans from his family.

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

Not that this bankruptcy thing came entirely out of left field. A mortgage company brought a foreclosure complaint against the couple over a newly built home in Lincoln Park, listed in the bankruptcy petition as being solely Teresa's property.

Per the filing, Teresa and Joe underwent credit counseling and a budget analysis about six months before finally filing for Chapter 7.

But just recently the table-flipping mother of four bragged during her show's second season about spending gobs of dough on daughter Gia's birthday party.

So apparently the learning process is still underway.