Ron is said to have built up over 13,000 pounds in unpaid rent bills, but is refusing financial help from his famous son, reported Mirror online.
The 67-year-old will attend a court hearing today, where a judge will decide whether or not to declare him bankrupt.
While the father and son have often had a strained relationship, they are currently said to be on good terms.
"Ron would never want to burden Russell with his problems and would never dream of asking for money. It's a really stressful situation but Ron is determined to work through his problems.
"Ron's made a couple of bad investments and has struggled financially as a result. It's obviously upsetting but he's confident he can turn things around," a source said.
Ron's debt is in relation to a Camden apartment, alongwith legal fees. He currently lives in a flat in Surrey.
Russell had said in March last year that he was trying to rebuild his relationship with his estranged father.
