Shamed British soccer hero Paul Gascoigne been given the chance to avoid bankruptcy by submitting a proposal which will enable him to pay off his tax debt in installments.

The former England player, who has battled alcoholism in recent years, allegedly owes more than $48,000 in taxes to chiefs at Her Majesty's Revenue And Customs (HMRC).

He has been in court battling to avoid bankruptcy over the last few months and on Wednesday his team submitted a payment plan which should enable him to pay back what he owes and restructure his finances.

The case was heard at London's High Court and adjourned for two weeks to allow officials to read through his plan. If the proposal is accepted it would have the effect of "staying" bankruptcy proceedings against him.

Gascoigne reportedly boasted a massive $22.4 million fortune at the height of his soccer career in the 1990s.