Home UK Showbiz Katie Price declared bankrupt after failing to repay debts

Katie Price declared bankrupt after failing to repay debts

The 41-year-old now faces losing her home

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Reality TV star Katie Price has been declared bankrupt today, after failing to meet monthly repayments of her debts.

The mother-of-five entered an Individual Voluntary Agreement last December in which she agreed to pay back her creditors £12,000 a month over four years.

The agreement, if met, would allow Katie to take control of her finances and avoid bankruptcy.

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Upon failing to keep up with her repayments this year, Katie’s fate was decided by an Insolvency and Companies Court in London, according to The Sun.

The former glamour model, who was once worth £45 million was not present at the hearing today.

The 41-year-old’s pink Land Rover was repossessed earlier this month, and now the star faces losing her £2 million mansion in West Sussex.

Pricey also faces repossession of any other assets in order to clear her large debts.

Last month, Katie was banned from driving for two years after failing to show up to a court hearing, following a crash involving her Jeep.

Yesterday, the star announced a brand new reality show, My Crazy Life which airs from Monday, December 9th.