Katie Price faces bankruptcy hearing today where she is expected to announce she's broke and go bankrupt

In footage filmed last week, Katie said she had no choice – but placed the blame for her financial ruin squarely at the feet of her exes.

In emotional scenes due to air on TV hit My Crazy Life, Pricey put on a brave face, saying: "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."

While it's unclear if she is actually bankrupt, or if the scenes were dramatised for her show, we can reveal the star, who was once worth £45 million, has turned to twice-bankrupt pal Kerry Katona for advice.

Katie is due to appear on court today  – where it is understood she will say she can't keep up the repayments needed to dig her out of debt.


A source close to the star confirmed: "As far as we understand, she can't keep up with the repayments required to get her out of debt – she has been desperately chasing her tail.

"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."

The insider added: "Going on her current earnings, it will take Katie five years to be financially viable again."

And Pricey puts the blame for her imminent bankruptcy on her famous exes – who include Peter Andre, Alex Reid and Kieran Hayler.


She insisted that funding her exes' lavish lifestyles with cars, watches, luxury holidays and homes left her finances in tatters.

The star also said that she has never had any help with balancing the books and has had to do it all herself.

But Kieran told the My Crazy Life cameras: "Katie is never in the wrong – its always someone else that's done it to her."

The source added that Katie is far from blameless, saying: “It all went wrong when Peter and other people stopped paying her bills and giving Katie things for free.

"Katie was never one to pay anything on time either. She ended up with CCJs [county court judgements] coming out of her ears.

"Her credit rating is terrible too, and soon to be totally wiped out. She also can no longer be a director of any companies."

Katie narrowly avoided bankruptcy in October when she submitted a last-gasp proposal to rescue her finances.

But with her next bankruptcy hearing on Tuesday looming, it appears poor Katie has finally thrown in the towel.


Got a story? email [email protected] or call us direct on 02077824220.

We pay for videos too. Click here to upload yours.


Source: Read Full Article