Katie Price will reportedly declare herself bankrupt in scenes set to air on her reality show, My Crazy Life.
It’s said footage filmed for the programme sees the 40-year-old star say she has no choice in the matter, while placing the blame for her financial issues with her exes.
According to The Sun Online, she said: “I will be out of bankruptcy in a year. Its not that bad. I’ve got nothing to be ashamed of anymore. Loads of people go through it like me. It’s just a matter of going through the motions. This is what has to be.”
Although her financial woes have been confirmed, the report adds that she has turned to friend Kerry Katona – who has been bankrupt twice before.
Read more: Kerry Katona reveals dramatic new look
Katie is set to appear in court on December 4, and it is said she will say she can’t keep up with the repayments required to overcome her debt.
A source added: “She hoped to outrun it but sadly the outcome was inevitable.
“Once all the figures were totted up it apparently became clear her outgoings – loans, mortgage, debts and taxes – outweighed her projected income. Going on her current earnings, it will take Katie five years to be financially viable again.”
While she has put the blame for her financial ruin on her exes – who include Alex Reid, Peter Andre and Kieran Hayler – the insider suggested she isn’t blameless.
The source said: “It all went wrong when Peter and other people stopped paying her bills and giving Katie things for free.”
The gossiper claimed Katie “ended up with CCJs [county court judgements] coming out of her ears”.
And Katie’s financial woes mean she can no longer be a director of any companies, according to the insider.
ED! has contacted a representative for Katie for comment.
It comes as Katie, who also has Jett, five, and Bunny, four, with ex Kieran, and 16-year-old son Harvey with Dwight Yorke, declared herself single again on Instagram.
Read more: Ant McPartlin ‘still in divorce talks’ with ex Lisa Armstrong
Alongside a quote that read “wait for the person who will do anything to be your everything,” Katie wrote: “Being single is the best way.”
It was thought she had reunited with personal trainer Kris Boyson following a brief fling with Essex boy Alex Adderson this summer, but the caption on her latest post says otherwise.
Will you be watching Katie’s show? Leave us a comment on our Facebook page @EntertainmentDailyFix and let us know what you think.