Reality TV stars Heidi Montag and Spencer Pratt will possibly file for bankruptcy, with $2million tax debts and $10 million squandered in "the famous part" of their career.

In an interview with Life & Style magazine, Heidi and Spencer revealed that they had spent $10 million in frivolous expenditures such as $35,000 per month on a Malibu apartment, $3 million on Montag's failed music career, health care for Heidi as she undergoes her many cosmetic surgeries, healing crystals, six cars and private jets. And now, The Hills star owe $2 million in taxes.

They are currently contemplating availing of unemployment checks and are set to file for bankruptcy.

"We spoke with a bankruptcy attorney and I've looked into unemployment checks," said Spencer.

Spencer admitted that they were immature and worried too much about the famous part rather than the actual business of their reality show. He confessed that they should have saved money and kept a low profile.

Spencer Pratt said that they had originally thought that their cancelled show The Hills will span five to ten seasons, but with the advent of Jersey Shore, their reality show failed short of audience expectations.

"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 snoozeworthy in comparison [with Jersey Shore]. No wonder we got canceled," admits Pratt.

Pratt say that they had learned their lessons and are not naive anymore. He admits that he is dependent on his parents, but also say that he had grown up and learned from his mistakes