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Pop star files personal bankruptcy to clear long-held debts

As a teenager, Aaron Carter wooed crowds of his peers. He gained fame for a handful of pop hits, in addition to being the younger brother of Backstreet Boys star Nick Carter. Years later, as a 25-year-old man, Aaron Carter is dealing with some serious financial issues that have caused him to make moves to get his finances in order.

At one time in his life, it's likely that Carter enjoyed a healthy income and didn't have to worry about debt. Now, Carter owes creditors more than $2.2 million, while his assets total slightly more than $8,200. Because of this situation, he has decided to seek bankruptcy protection. The Internal Revenue Service is listed as the biggest creditor in bankruptcy filings.

A representative for the pop star said that most of these debt-related problems are the result of mismanagement that took place when Carter was a minor and not in control of his financial affairs. Now an adult, the singer is looking to take charge of this situation and use Chapter 7 as a means to move forward.

Generally speaking, tax debts cannot be discharged through bankruptcy. This often causes people to pursue other ways to pay back taxes. In this case, however, Carter didn't have a hand in managing his finances when most of this debt was accumulated. As such, will this case be different?

Those who are looking for debt relief probably have many questions, some of which may be similar to those being asked by Carter in his case. A person's financial stability can be disrupted literally over night, so it might be helpful to seek solutions as necessary.

Source: USA Today, "Aaron Carter files for bankruptcy," Andrea Mandell, Nov. 21, 2013

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