Aaron Carter Blames Parents for Bankruptcy

12/30/2013

BrokeIt’s often puzzling to the general public how pop stars can make so much money just to end up broke like a regular Joe. Pop star Aaron Carter is the latest casualty of faulty finances, filing for Chapter 7 bankruptcy protection earlier this year.

Although Aaron raked in more than “hundreds of millions of dollars” at the height of his career, and his second album sold over 1.5 million copies, Carter says his manager-parents mishandled the money and left him in debt.

In Carter’s court filing on October 23, 2013, he listed more than $2.2 million in debts, and just slightly more than $8,000.00 in assets.

Carter says that as a young teen, his parents controlled his career and his finances, and that they didn’t like it when he asked money questions. Carter’s representatives confirmed that “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.”

Chapter 7 bankruptcy is a form of bankruptcy in which your debts and assets are tallied, and then your non-exempt assets are liquidated to pay the debt. Once the money is gone, the remaining debt may be discharged, meaning that you are no longer responsible for it. However, not all types of debts are dischareable.  Taxes, some school loans, and child support, are some examples of debts that may not be dischargeable in bankruptcy.

Some assets may be kept during bankruptcy. These are exempt assets and include the essentials for living and a few extras that are limited in value.

If you’re facing a  large amount of debt that far exceeds your ability to pay, bankruptcy may be an option that helps you get a fresh start.

Please keep in mind that every case is different, so if you are thinking of filing bankruptcy, and would like to schedule a no-cost consultation, please contact our office by completing the form on this website, calling us at 954-920-5355, or emailing us at info@lslawfirm.net.

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Attorney Advertising. © Copyright 2017 Leiderman Shelomith. All rights reserved. Please keep in mind that every case is different, so if you are thinking of filing bankruptcy,
and would like to schedule a no-cost consultation, please contact our office by completing the form on this website,
calling us at 954-920-5355, or e-mailing us at info@lslawfirm.net.