"She is also keen not to be seen living it up and is aware that hosting a wedding where celebrities would be quaffing champagne would not look outrageous after the bankruptcy.
“So they have decide to wait until things improve and they are likely to get married next year.
“The TV channels pulled out because of their budgets, so without then it couldn’t really go ahead as planned.
"Then she spoke to George who was gutted but understood and has been really supportive.”
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Kerry in the Cash Lady ads
Kerry will also be giving up her luxury, five-bedroom home near Wigan and moving her children - Molly, 12, Lilly-Sue, 10, Heidi, six, and Max, five into something a little more modest.
But despite Kerry's money woes, she's remaining upbeat, yesterday tweeting: "I love my life. Every detail may not always be perfect, but it's filled with the people I love the most, and after all what's better than that?"
Bankrupt stars
Kerry Katona(01 of11)
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Despite her fortune for her Atomic Kitten days and various relaity TV appearances, Kerry was officially made broke in 2008 when she failed to cough up the final £82,000 of a £417,000 tax bill. A turn as a housemate on 'Celebrity Big Brother' helped her to finally pay off her debts. (credit:Getty Images)
Shane Filan(02 of11)
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The Westlife star and property investor was made bankrupt in June 2012 when the housing market crashed, and left him owing more than €5.5m (£4.45m) to Ulster Bank and Bank of Ireland. (credit:Getty Images)
Martine McCutcheon(03 of11)
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Martine filed for bankruptcy in in 2013, when she amassed debts of £187,000. (credit:Getty Images)
Stephen Baldwin(04 of11)
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When Stephen defaulted on a mortgage payment in 2009, he filed for bankcruptcy claiming he was $2.3m in debt. (credit:Getty Images)
Joe Swash(05 of11)
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The former 'EastEnders' star was made bankrupt by London's High Court in 2009 after he failed to pay a £20,000 tax bill. (credit:Getty Images)
Peter Stringfellow(06 of11)
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Peter lost a reported $20m in 1992 after a failed attempt to crack America. (credit:Getty Images)
Christopher Biggins(07 of11)
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Biggins reckons that going into voluntary bankruptcy 15 years ago was the 'best thing that ever happened' to him. The star was forced into it after work offers slowed down. (credit:Getty Images)
Mike Tyson(08 of11)
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The boxer owed both the US and British governments $17m in taxes, $750,000 to law firms and $300,000 to limo services and became bankrupt in 2004. (credit:Getty Images)
Donald Trump(09 of11)
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He may be a multi-billionaire, but Donald Trump has filed for corporate bankruptcy four times! However, he has never filed for personal bankruptcy. (credit:Getty Images)
Neil Morrissey (10 of11)
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Neil entered into an individual voluntary arrangement (IVA) after a property scheme in which he invested collapsed, leaving him millions of pounds in debt. (credit:Getty Images)
MC Hammer(11 of11)
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One hit wonder MC Hammer's living beyond his means meant he was $13m in debt and filed for bankruptcy in 1996. (credit:Getty Images)