Former Teen Star Aaron Carter Declares Personal Bankruptcy
Do you remember Aaron Carter?
Carter was a flash-in-the-pan teenybopper singer who was known more for being the little brother of Backstreet Boy Nick Carter and for dating Lindsay Lohan than he was for his career.
Even so, he fared decently well for a number of years and probably had a chance to set some money aside for the future.
That apparently isn't the way things worked out, though, because on Nov. 22, it was learned that Carter had filed for Chapter 7 bankruptcy.
According to his bankruptcy filing, Carter owes about $2 million to creditors and has around $8,000 in assets.
While that may sound bad, Carter's representative has said that most of the debt Carter is asking to discharge is over 10 years old and was incurred when he was a minor and not in control of his own finances. Carter has also given interviews saying that he has realized he needs to shape up and live more responsibly.
As a bankruptcy attorney, I am used to hearing stories like this. Sometimes, people live beyond their means for awhile and then change their ways when they realize that lifestyle is not sustainable. Even after they change, though, the past catches up with them and they're saddled with financial obligations they cannot meet.
Bankruptcy is not a quick escape from temporary financial concerns. It is, however, a good option for people who are crippled by their financial burdens. If you think it would be a good to speak with a personal bankruptcy attorney about your situation, please feel free to contact us when it is convenient for you.