Teresa Guidice and her husband and The Real Housewives of New Jersey costar Joe Giudice were indicted on federal bank and bankruptcy fraud charges on Monday.

The pair are accused of exaggerating their income in loan applications prior to joining the Real Housewives cast, reported the New York Daily News. After their income increased following the show’s success, they neglected to report their increased earning when filing for bankruptcy.

Teresa, 41, and Joe, 43, have been charged in a 39-count indictment. Among the charges are: the conspiracy to commit mail fraud, conspiracy to commit bank fraud, making false statements on loan applications and bankruptcy fraud. If convicted of all charges, they could each face up to 50 years in prisons. Joe, who is not a U.S. citizen, could be also be deported.

Both Teresa and Joe will appear in court on Tuesday in Newark, N.J. There, they will face an indictment that alleges they submitted false loan applications repeatedly from 2001 through 2008. Joe stands accused of failing to file tax returns from 2004 through 2008, while Teresa is accused of falsifying employment documents to file for a mortgage loan in 2001. After making it big in 2009, the indictment states the couple withheld information about a large chunk of their income.

Not long after news broke of the charges, Teresa, the more public of the two, released a statement through her Twitter account. “Today is a most difficult day for our family," she tweeted. "I support Joe and, as a wonderful husband and father, I know he wants only the best for our lovely daughters and me. I am committed to my family and intend to maintain our lives in the best way possible, which includes continuing my career. As a result, I am hopeful that we will resolve this matter with the Government as quickly as possible."

The Giudices are currently in their fifth season of The Real Housewives of New Jersey, which puts the extravagant lifestyles of a group of supposedly well-to-do families on display – paying special attention to the catty interactions between the women. Bravo, the network behind the program, has not yet released a statement.

– Chelsea Regan

Get Uinterview's FREE iPhone App For Daily News Updates here.

Get the FREE Uinterview iPad app here and watch our videos anywhere.

For More 'Real Housewives' News:

Brandi Glanville Suffers Nip Slip, Exposes Thong After Drunken Night Out

Camille Grammer And Adrienne Maloof Depart 'Real Housewives Of Beverly Hills'

'Real Housewives Of New Jersey' Stars Allegedly Start Bloody Brawl In N.J. Boutique

Kim Zolciak, Kroy Biermann Expecting Third Child Together [Video]

'Real Housewives Of New Jersey' Melissa Gorga Set Up By Teresa Giudice

Read more about: