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Published 12:06 7 Mar 2018 GMT
Updated 12:07 7 Mar 2018 GMT
The actor paid over £200,000 in fees after a trial over child abuse claims.
The alleged victim claimed he had abused her between the age of six and 14.
Michael was cleared of all 19 charges against him by a jury at Manchester Crown Court in September of that year but had to cover his own costs as in the UK those who can afford to pay their fees cannot claim back the cost from the state.
He was threatened with legal action last year by Revenue and Customs and was declared bankrupt earlier this year, the publication claims.
Michael, whose real name is Michael Robert Turner, has appeared on Corrie as mechanic Kevin Webster since 1983, when he was just 18.
He took leave from the soap during the 2013 trial.
It's reported that he was offered £250,000 to renew his contract with the soap last year.
He was married to actress Janette Beverley between 1986 and 2011. The couple had two children.
Michael now lives with partner Louise Gibbons.
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