Ron Brand is said to have built up over £13,000 in unpaid rent bills, but is refusing financial help from his famous son, according to The Mirror.
The 67-year-old will attend a court hearing today (August 7), where a judge will decide whether or not to declare him bankrupt.
While the pair 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," a friend said.
"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."
Ron Brand's debt is in relation to a Camden apartment, along with legal fees. He currently lives in a flat in Surrey.
Russell Brand said in March last year that he was trying to rebuild his relationship with his estranged father.
The actor is rumoured to be moving in with his new girlfriend Isabella Brewster.