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Former pop star Aaron Carter files for Chapter 7 bankruptcy

No matter how much money a person might make in his or her lifetime, it is always possible that unwise financial decisions or forces beyond their control can result in a challenging financial situation. This seems to be the case for acclaimed pop star Aaron Carter, known to South Carolina fans as the younger brother of famed Backstreet Boy Nick Carter. Young Carter has recently filed for Chapter 7 bankruptcy ahead of a sizeable debt accrued over the last ten years.

Documents filed indicate Carter owes the majority of his debts to the IRS, with outstanding taxes stretching back to 2003 leading to a large lien being placed upon him in 2007. Of the $2 million in debts he has accrued, roughly $1.3 million is owed to the revenue agency. Some of the onus for this failure to pay back his taxes can be attributed to his fraudulent management, who he sued successfully several years ago for mishandling his funds.

However, that still leaves nearly $700,000 in other debts that are being stacked against assets estimated to total less than $10,000. Carter has chosen the Chapter 7 filing to help him deal with these sizeable debts instead of defaulting on payments, which may well be a very wise financial decision. Even though tax debt is not generally forgiven by a bankruptcy filing, with the proper support Carter may be able to work out a payment plan that works for him.

There is a widely held belief here in South Carolina and elsewhere in the nation that rich people somehow have an easier road than everyone else. However, this case lends credence to the idea that fiscal challenges can face anyone, regardless of income. Hopefully this Chapter 7 filing will help Carter get back on his feet and move towards a more positive financial future.

Source: Forbes, Not Too Young, Not Too Old: Aaron Carter Hopes For Fresh Start Following Chapter 7 Bankruptcy Filing, Kelly Phillips Erb, Nov. 22, 2013

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