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Aaron Carter files for bankruptcy

He was once a teen sensation, but part-time Florida resident and singer Aaron Carter is now filing for bankruptcy protection. His publicist announced it's a move to get rid of over $2 million in debt. The publicist also said bankruptcy was a positive move for Carter and would allow him to move forward in his life and career.

Carter's largest creditor is the United States government. His bankruptcy petition indicates he owes $1.3 million in back taxes. The filing also indicates he doesn't have much left to show from a successful singing career. Between cash on hand and his checking account, Carter has just under $1,000. His property includes a flat screen television, a cell phone, two laptops, a guitar, a Louis Vuitton backpack and a Breitling watch. This grouping is valued at approximately $8,200. His personal expenses are just $2,000 per month since he lives with family in New Port Richey when he's not on tour.

In recent history, Carter has been in 400 performances of the "Fantasticks" and is now on a 75-city tour. His petition for bankruptcy shows that he's only earning $2,000 per month on this tour, and that it ends in December. Records also show that he own the rights to his songs "One Better" and "Saturday Night." However, he doesn't receive any royalties from them.

Even those who make large sums of money can find themselves in financial difficulty. There are essentially two types of bankruptcy available to consumers. Chapter 7 generally wipes away most unsecured debt at the time of discharge. Chapter 13 is a more involved process that pays off a portion of debt over a period of several years under the supervision of a trustee.

Source: CNN, "Bankruptcy filing 'very positive' for Aaron Carter, publicist says", Alan Duke, November 21, 2013

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