It's good news for Pricey!

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Following a year of explosive headlines for Katie Price, it appears the mother-of-five has received some happy news finally.

With countless headlines hitting the press regarding financial woe, 40-year-old KP has now addressed her struggles during an upcoming edition of her reality show My Crazy Life.

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In a sneak peak from the episode, Katie celebrated her recent court appearance with close friends – having avoided being declared bankrupt by the courts following the difficult year.

With close chums by her side, the mother-of-five appeared in very good spirits as she marked her good fortune with a festive get together – all dressed in Father Christmas outfits for the affair.

As Katie and her two friends prepared a very early Christmas dinner, peeling potatoes in front of the awaiting cameras, the former glamour model confirmed her happy news.

Hinting to her pals, Katie shared: ‘Well you know I like to prove people wrong.

‘How much s**t have I had in the media lately about A, B, C, D and the rest of the alphabet, every day constantly.

‘Well, they are wrong. All this stuff about the bankruptcy, I had my call today and guess what? I’m not going bankrupt,’ she gleefully declared.

Confirming a clean slate, Pricey then added: ‘So I’m starting the new year, new beginnings, new year, no bankruptcy.’

Sitting down with cameras, Katie directly addressed the emotional turmoil of battling financial woe in the spotlight.

‘It’s like everyone’s obsessed with it… I’ve been battered hard, it’s been difficult mentally to cope with the battering I’ve had,’ Katie emotionally explained.

‘But guess what, I’ve had the news today and I’m not going bankrupt!’

The terms of Katie’s court deal – and who she owes money to – haven’t been made public.

Wishing Pricey all the best as she begins a new chapter in her life!