Katie Price will reportedly declare herself bankrupt in scenes set to air on her reality show.
Katie Price
It's said footage filmed for the programme 'My Crazy Life' sees the 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 bankruptcy has been confirmed, the report adds that she has turned to friend Kerry Katona - who has been bankrupt twice before - for advice.
She 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.
The 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.
"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."
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