In celebrity news, it has recently been reported that pop star, Aaron Carter has filed for Chapter 7 Bankruptcy in the middle district of Florida. Apparently, the pop star life has not gone so well for this 25 year old singer. As part of Carter’s Chapter 7 bankruptcy, he was required to list all of his assets claiming they total just $8232.16. His scheduled assets include a 61 inch flat-screen TV, cell phone, a Breitling watch valued at $3750 and a Louis Vuitton backpack. He lists no real estate. He reported his current monthly income as just under $2000.00 stemming from his 75 city U.S. tour that is currently underway. Although he owns the rights to several of his songs from his heyday of teen stardom, he states that he is not currently getting any royalties from any of them. He further states in his schedules that his current monthly expenses add up to about $2005.00. His debt, on the other hand total about $2.2 million with the majority of that being tax debt going back to about the year 2003 when he was only 16 years old, during the height of his popularity.
Unfortunately, Mr. Carter suffered issues with substance abuse which most likely led to many of his bad financial decisions. One of his publicists recently stated to CNN that Aaron has been working really hard and has turned his life around and that the bankruptcy filing is a “good thing” and a “positive step” in Aaron’s life. He is seeking a fresh start and with the completion and final discharge of his debts in bankruptcy, at least he can get a financial fresh start.
Although it appears that Aaron’s substance abuse problems and lifestyle may have led to some of his financial woes, there are many other factors in one’s life that can lead to the same issues. If you are suffering from financial stress, no matter the reason, a bankruptcy or debt consolidation may be the right answer to get your fresh start. If you wish to discuss these options with an experienced attorney please call our office nearest to you and schedule your free consultation.
Amy K Tanner is a shareholder in several of the Bond & Botes Law Offices. She holds a Bachelor of Science from Auburn University at Montgomery, and a Juris Doctorate from Thomas Goode Jones School of Law. She focuses primarily on consumer bankruptcy law in the Huntsville and Decatur offices.Read her full bio here.