Aaron Carter, the 26-year old Florida native that rose to fame as a teenage pop star during the 1990’s, filed for Chapter 7 bankruptcy protection in 2013. As the case with so many other celebrities, the fall from fame can be hard and swift, but the accumulated debt can linger for a lifetime.
Although Carter owns the royalties to his songs and released a few albums in the early 2000’s, they are not generating any income for him. When he filed for bankruptcy he had just $60 in his wallet, less than $1,000 in his bank accounts and $2.2 million in debts.
In an interview with CNN, manager Steve Honig explained that this was debt that accumulated over a decade ago when he was a minor and not in control over his finances. Approximately half of the debt is taxes that he owed on his income as a teenager that, along with his other debt, will be settled through the bankruptcy process.
Filing for Chapter 7 Bankruptcy protection has given Aaron Carter an opportunity for a fresh start without the burden of debt that was holding him back. Currently, he is working hard to reinvent himself and is currently on tour performing at venues nationwide.