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Published 08:18 18 May 2015 BST
Updated 08:22 18 May 2015 BST
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Lee entered the Celebrity Big Brother house last year.
He is the fourth and final member of the group to file for bankruptcy after reportedly blowing his £10 million fortune.
A source told The Sun newspaper: “The boys were not extravagant with their money. They made a series of bad investments years ago and have suffered as a result.”
The boy band had a string of hits.
Blue had a string of hits back in the day including All Rise, U Make Me Wanna, Too Close and Sorry Seems To Be The Hardest Word.
In 2004 Lee and co (Duncan James, Anthony Costa and Simon Webbe) decided to call it a day. However they did reunite briefly for The Big Reunion.Ariana Grande and Ethan Slater have split after three years together
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