After arriving hand-in-hand with husband Joe Giudice on Tuesday, the Real Housewives of New Jersey star stood before the judge in the U.S. District Court in Newark and pleaded guilty to the counts, including conspiracy to commit mail and wire fraud and three counts of bankruptcy fraud.
"Today I took responsibility for a series of mistakes I made several years ago," said Giudice in a statement given to PEOPLE by her lawyer.
The Giudices originally pleaded not guilty last November, but both entered guilty pleas Tuesday as part of a reported deal that could still mean prison time for both.
"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 said in the statement.
Although she won't be sentenced until July 8, Teresa faces 21 to 27 months in federal prison, according to her attorney, while Joe will likely serve between 37 and 46 months. The attorney also says they have the right to ask for probation.
The couple asked for separate trials last month, with the hopes of Teresa walking away free and clear. But now Teresa says she is ready to own up to her involvement and pay the price.
"I have said throughout that I respect the legal process and thus, I intend to address the court directly at sentencing," she said in her statement. "I will describe the choices I made, continue to take responsibility for my decision and express my remorse to Judge Salas and the public."