He Filed For Chapter 7 Bankruptcy
His finances were mismanaged when he was younger and Aaron Carter is now paying the price. He filed for Chapter 7 bankruptcy this week.
Someone was not managing Aaron Carter's finances very well. He's in such poor financial health that he's filing for Chapter 7 bankruptcy, which means his creditors will get nothing if the bankruptcy claim is approved.
TMZ obtained the court papers which reveal the singer's sad state of affairs. While his assets total $8,232.16, his liabilities are a whopping $2,204,854. That's a hefty bill!
Some of the assets that he listed include a 61-inch flat-screen television, two MacBook laptops, a speaker, a Louis Vuitton backpack and a Breitling watch. He's pretty cash-poor as well, with only $60 to his name.
He also mentioned that he owns a dog that is listed as having zero value. Clearly, he wanted to point out he owned a pound puppy versus an expensive purebred dog.
The 25-year-old's bills are enormous, with an American Express tab totaling $31,166 and he owes the IRS $1,368,140. The singer alleged in 2005 that his mom, who was also his manager, spent a majority of the money he earned as a preteen.
The "I Want Candy" singer may not be at the height of his fame anymore, but he's still on tour working to pay his bills. In fact, Carter is in Eugene, Oregon, playing at WOW Hall tonight. He has dates scheduled through Dec. 10.
Carter's rep Steve Honig told TMZ that the singer wanted a fresh start since "the overwhelming majority of the debt he is asking to be discharged is from more than 10 years ago when he was a minor and not in control of his finances."
He is reportedly living with a family member and lists his average monthly income at $1,998.75, while his monthly expenses are $2,005 for the basics of food, clothing and hygiene.