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News of Teresa Giudice’s bankruptcy to the tune of $11 million in debt sent the web buzzing on Saturday. After sending out a message via twitter to tell her fans she was “fine,” Teresa is now once again breaking her silence in a statement to PEOPLE magazine.

“While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion,” said the Real Housewives of New Jersey star. “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.’”

Not quite sure what Teresa means by “distortion” considering the debt figures came directly from the bankruptcy court papers she filed with her husband Joe Giudice. Teresa, 38, and Joe filed for Chapter 7 bankruptcy, which requires liquidation of assets in order to pay creditors.

Amongst Teresa’s irresponsible debt?

$104,000 Credit Cards debt including $20,000 to Bloomingdale’s, Neiman Marcus, Nordstrom

$1,280 monthly payment for Cadillac Escalade

$85,600 Home repairs

$12,000 Fertility treatments

And despite Bravo’s Andy Cohen falsely proclaiming on the Today Show this morning that Teresa’s $1.8 million home was not in foreclosure, the NYPost reports the banks have started the foreclosure proceedings on the NJ home. This is the home Teresa was shown moving into during the first season of the NJ Housewives.

Andy also revealed one of the upcoming episodes will feature Teresa throwing an extravagant housewarming party. “When people fall, the way to success is to get up and learn from our mistakes,” says Teresa. “We are in that process.”

Just last week, Teresa was shown bragging about spending a lot of money on her daughter’s birthday party.  It will definitely be interesting to see the public’s reaction to Teresa’s frivolous spending as the show moves along.

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