Los Angeles, CA, United States (AHN) – Former “The Hills” husband and wife Spencer Pratt and Heidi Montag are now bankrupt. The spotlight-loving reality show duo admit that they are planning to file for bankruptcy protection after squandering $10 million.

Spencer and Heidi said they squandered their money on renting a $35,000 a month Malibu pad, $3 million on Heidi’s critically panned music career, Heidi’s multiple cosmetic operations and aftercare, cars, private jets, and healing crystals.

They now owe $2 million in taxes.

Spencer told Life & Style, “We were immature, worrying too much about the famous part instead of the actual business part. In hindsight, we shouldn’t have spent any of our money. We should have been low-key and saved. We spoke with a bankruptcy attorney and looked into unemployment checks.”

Because they thought the MTV reality series would still be successful after four years on air, they were surprised when the final season was cut from 20 episodes to 10. They weren’t paid for the 10 unaired episodes and they had already spent the money in advance.

He continued, “We thought ‘The Hills’ was going to be like ’90210′ and we’d have another 5 to 10 years. The ratings were consistent. But we never saw ‘Jersey Shore’ coming.”

“Before, TV audiences were fine with seeing us all argue, but now they want you to punch one another in the face and hook up with three different people. Our cast was a bit boring and snooze-worthy in comparison. No wonder we got canceled.”

Heidi, who posed for Playboy before, considered posing totally nude for the men’s magazine, but Spencer’s parents told her to keep her clothes on in exchange for living in their guesthouse. And since they are their “lifeline,” she complied.

They are not the only ones suffering financial problems, though. Heidi’s estranged mother Darlene Eggelhoff is now working as a maid after decades of owning her and her husband’s restaurant.

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