Katie Price ‘loses a stone in two weeks’ through stress of bankruptcy – The Sun
KATIE Price has lost a stone in just two weeks through the stress of her bankruptcy.
The 41-year-old faces losing her £2million mansion and is flogging cherished possessions in a bid to ease her finances, and pals are worried about the impact it's having on her.
A source said: "Katie's dropped around a stone in two weeks, it's really worrying.
"She's rushing around all over the place, and is really stressed out. She hasn't cooked a proper meal in weeks and is practically on a liquid diet.
"Even when she went to Sheesh the other night she only ate a couple of prawns and a bit of meat. Normally, Katie loves junk food and takeaways so everyone's really worried."
The Sun Online has contacted a representative for Katie for comment.
Katie was declared bankrupt last month after failing to pay back spiralling debts.
To make matters worse she was then ordered to pay ex-husband Alex Reid's £150,000 legal costs after allegedly sharing sex tape footage of him with a TV studio audience.
The mum-of-five was supposed to be paying off £12,000 a month to her creditors after taking out an individual voluntary arrangement (IVA) 12 months ago – but has failed to do so.
She was once worth an estimated £45 million.
But now, Katie's home in Dial Post, West Sussex, could be taken from her and her assets sold by an appointed trustee to pay her debts.
She is selling two engagement rings worth a combined £230,000 from ex Peter Andre in a desperate bid to raise funds.
The star had avoided going bust last December by agreeing a plan to pay back what she owed.
She was allowed to enter into the IVA, the deal to pay back some of her £800k debts, when she agreed to pay the £12,000 a month over the course of four years.
However, the terms of that plan had not been kept to – and she was declared bankrupt following a hearing at the Rolls Building in London.
Despite her money issues, Katie has continued to live the high life including enjoying a series of luxury holidays, a full body overhaul with surgery and renovations on her mansion.
Katie’s pink Range Rover was recently spotted on sale at a used car dealership in Essex with the sign “repo” – short for repossession – on the windscreen.
The thrice-married mum-of five split from most recent husband Kieran Hayler last year.
She most recently dated toyboy Kris Boyson, 30, a personal trainer who supported her through her money woes.
Price was the winner of the fifteenth series of Celebrity Big Brother and was runner-up in the search for the UK's entry for the Eurovision Song Contest in 2005.
In October she was hit with a two-year driving ban for refusing to tell cops who was behind the wheel when her pink Range Rover crashed last year.
She served two other driving bans earlier this year.
WHAT IS BANKRUPTCY AND HOW DOES IT AFFECT YOU
WHEN you’re declared bankrupt your bank account may be frozen immediately and any items of value that you own, such as a house or car, may be taken away from you.
A person called an Official Receiver or Trustee is put in charge of your assets.
You will have to ask them before you spend money and you will only be given basic living expenses during the period of bankruptcy.
You are usually discharged from bankruptcy after 12months – but sometimes this can last longer.
For example, when Kerry Katona was declared bankrupt for the first time in 2013 it took over two years for her to get discharged.
You can’t borrow more than £500 without declaring your bankruptcy status, which makes it highly unlikely that you’ll be able to be accepted for credit.
Your home may be taken away from you and sold – but you may be given 12 months to find a new place.
You will be allowed to keep a car if its essential to your work, as well as clothing, basic household items, and bedding.
But if furniture is expensive then you may be told to replace this with cheaper alternatives.
Any money you make from the sale of items is then paid to your creditors.
Your credit score will be negatively affected too. A bankruptcy will stay on your record for at least 6 years and it could be as long as 15 years if you are subject to restrictions.
If you apply for bankruptcy it costs £680 but if a creditor – a firm which you owe money to – goes bankrupt then you won’t have to pay the fees.
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