Teresa Giudice has just plead guilty to four counts of fraud, including conspiracy to commit mail and wire fraud and three counts of bankruptcy fraud, in a Newark, New Jersey courtroom.
"Today I took a responsibility for a series of mistakes I made several years ago," Giudice told PEOPLE Magazine in a March 3 statement.
In Nov. 2013, the Giudices entered a not guilty plea, but on Tuesday, they came clean about their wrongdoings and both plead guilty as part of a plea deal that could result in jail time for both parties.
"I am heartbroken that this is affecting my family. Especially my four young daughters, who mean more to me than anything in the world," Teresa continued.
The Giudices are due back in court on July 8, where they will receive their sentences. For Teresa, that will likely be up to two years behind bars. For Joe, he will likely receive between 37 and 46 months.
Teresa and Joe attempted to get separate trials, so that Teresa could plead not guilty and evade jail time. Unfortunately, their request was denied, and Teresa and Joe were forced to deal with things as a couple.
"I have said throughout that I respect the legal process and thus, I intend to address the court directly at sentencing," she said. "I will describe the choices I made, continue to take responsibility for my decision and express my remorse to Judge Salas and the public."