The singer filed papers to declare himself bankrupt in London on 25 September (13), according to court documents.
The move comes just weeks after his bandmate Duncan James also filed bankruptcy paperwork after the property crash left him penniless.
Fellow Blue star Antony Costa also opened up earlier this year (13) about how he was left homeless after the band's first split in 2004, when he went from earning $375,000 (£250,000) a month to just $600 (£400).
He said, "It was an odd process. I went from earning £250,000 a month on a tour to £400 a month acting in (stage show) Blood Brothers.
"I wasn't saving any of my money along the way and I had champagne taste with lemonade money in the end. I thought Blue was going to last forever and any money I did have left at the end of Blue I wasn't advised on how to save it but I don't blame anyone for that."
The singers will have the chance to boost their bank balances as they head out on a U.K. tour with Wet Wet Wet this month (Oct13).