It means that he will face further public humiliation, even while battling his addiction to booze and drugs.
A source told the paper that Gazza's debts are significant.
"No one knows if he has enough cash to keep the wolf from the door. It's very sad. Any bankruptcy would be advertised, giving anyone Gazza owes money to the chance to come forward," the source said.
This month it was reported Gazza was left with 250,000 pounds out of a 14 million pound fortune.