Katie and Kerry are close friends (Picture: Pete Norton/Getty Images)

Kerry Katona has reached out to Katie Price to share her support and urge her not to ‘feel too guilty’ about her current financial situation.

Katie was declared bankrupt during a hearing at the Insolvency and Companies Court in London last week after failing to pay back the agreed £12,000-a-month to her creditors.

The 41-year-old ex-glamour model turned to Kerry for advice – the former Atomic Kitten has been declared bankrupt twice over the years – who says Katie needs to focus on herself, her five children, and ‘surround herself with good people who she trusts’.

‘Looking at my own finances made me think about my pal, Katie Price,’ Kerry wrote in her new! magazine column.

‘She’s just been made bankrupt, but she should take this opportunity to start afresh. My advice would be to surround herself with good people who she trusts and try not to feel too guilty.

‘I still feel awful for the people I couldn’t pay due to my own bankruptcy. All my money was stolen from me, so it’s a slightly different situation to blowing £45 million, but hopefully Katie will go easy on herself, as bankruptcy is a truly horrible experience.’

Katie Price (Picture: Rex/ITV/Kevin McKay)

Katie’s bankruptcy comes after she was given an individual voluntary arrangement (IVA) to pay back what she owed – believed to be around £800,000 – in instalments every month until the whole debt was cleared.

The star’s money woes will be documented in her reality TV show My Crazy Life, which will feature Katie admitting she has no choice but to be declared bankrupt, while laying much of the blame for the loss of her fortune on her exes, who include former husbands Alex Reid, Peter Andre and Kieran Hayler.

Kerry previously showed her solidarity to Katie by modelling one of her swimsuits on a recent holiday.

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