KATIE Price has avoided bankruptcy, but only has 12 weeks to prove she can pay off her debts.

The 40-year-old ex-glamour model, who lives in Horsham, was due to appear at the High Court in London yesterday for a hearing over her finances.

She did not attend the case, which lasted less than two minutes.

Price - who was previously known as Jordan - has until October 30 to find a solution to her money troubles.

The Loose Women star was reportedly worth £45 million at one stage in her career.

Along with her modelling jobs, which included working as a Page 3 girl in The Sun, Price also made millions as a businesswoman.

She featured in reality television shows and sold millions of copies of her autobiography, Being Jordan.

The mother of five has reportedly racked up thousands of pounds’ worth of debt, with the cost of maintaining her mansion contributing to her woes.

Price and her creditors agreed for the case to be adjourned to allow time for an Individual Voluntary Agreement.

These formal agreements allow people with debt to repay their creditors at an affordable rate, in a bid to avoid bankruptcy.

A spokeswoman for Price said: “Katie is aware of the hearing and is working with her advisers to resolve her current financial issues.

“She hopes to be in a position to do so and reach agreement with her creditors.”

It has been reported in the national press that she spent a lot of her cash on plastic surgery and other expensive luxuries, but has started selling some of her farm animals to repay what she owes.

Pictures show that her swimming pool and tennis court at her Horsham property have fallen into disrepair.

Price has had a turbulent few months and is on the brink of a third divorce, this time parting ways with Kieran Hayler.

She has moved on to a new man, Kris Boyson, who she has apparently relied on heavily for support through a testing time in her life.

Price was also caught on camera getting into a car at Gatwick Airport in Crawley to drive her children while banned.

She was caught speeding in Dial Post, Horsham, earlier this year and was convicted at Brighton Magistrates’ Court.

Her ban was almost at an end when she was caught getting behind the wheel last month.