It's been awhile since we heard from reality TV breakout star Todd Chrisley, and now he's opened up about a bankruptcy scandal surrounding him and his family of USA's Chrisley Knows Best.

Todd Chrisley On Bankruptcy Drama & Negative Attention In The Media 'We Have Moved On'

Fortunately for Todd, he can breathe a sigh of relief as his bankruptcy case (that came with a price tag of $46 milion) has been resolved as of March 27, nearly three years after it was first filed.

He said of the news Wednesday that he and his family "are in a good place financially, emotionally and psychologically."

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For the first time he revealed how the family got caught up in the bankruptcy mess and said it was because friends did not keep their part of their deal.

"It is a business situation that occurred. I had some friends involved that couldn't meet obligations. I was not going to be stuck with $46 million."

Todd also dished on speculation from a trustee who claimed that he was committing bankruptcy fraud. The trustee handling the case claimed that Todd lived a lavish lifestyle while claiming he could not pay his debt.

"After the trustee finished his investigation, he realized there was no bankruptcy fraud. I am not the only person who has filed for bankruptcy and I won't be the last."

As for his family, Todd said everything is all well in his Atlanta household.

"We have weathered the greatest economical downturn that this country has ever since the Great Depression."

The Chrisleys are taping for the third season of Chrisley Knows Best. It's slated to kick off later this year.

Tags: Chrisley Knows Best Reality TV usa