Katie Price is set to lose everything apart from the 'bare essentials' and may even face criminal proceedings and jail time like Boris Becker.
The reality personality has also been charged with late penalties and interest on top of this and has racked up debts of more than £3.2million. A bankruptcy expert has told MailOnline it would take 'exceptional circumstances' for Katie to keep hold of her £2million home after failing to comply with the terms of both bankruptcies.
However she will no doubt be forced to hand over the cars she has left, which includes a Range Rover, to settle her debts. 'She is entitled to work and keep her 'tools of trade' – so any of her expensive implants would be tricky to seize! Katie was declared bankrupt for the second time on Monday, after failing to pay a tax bill of more than £750,000'Any new assets since the first bankruptcy will fall now into the second bankruptcy up to the date of the bankruptcy order.
Remarkably, after the hearing, Katie posted a video of a pink Porsche GT3RS worth £194,000 onto her Instagram. 'If the first bankruptcy resolved her interest in the property reportedly known as 'mucky mansion' but she obtained a beneficial interest in it, then it could potentially yet again be an asset that needs to be sorted out.'
After hearing that she had been declared bankrupt a second time, she said she had been signed off because of 'serious stuff' in her life.
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