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Aaron Carter, pop sensation, files for Chapter 7 bankruptcy

Sadly, child stardom is not a recipe for future financial success. The former pop sensation Aaron Carter, age 25, has realized that after filing for Chapter 7 bankruptcy because of serious financial concerns. The young man, who is the younger brother of Backstreet Boy sensation Nick Carter, says he suffered many of the money woes because others were still in charge of his finances when he was a minor.

Official reports show that the star, who performs in the Washington, D.C., area, lists total assets of just $8,232. He is claiming liabilities of $2.2 million, however, including one credit card bill that eclipses the $31,000 mark. The young man has told media outlets that most of his debt dates back more than 10 years, when he was just a minor and was not permitted control over his finances. Currently, the star says he only has about $2,000 per month to spend, including $600 for food and about $65 for general hygiene products. It appears that the young man is living with a family member because of his financial woes.

News reports also indicate that the star is focusing more on his career than on the party lifestyle that defined his early 20s. Instead, Carter says he wants to put more emphasis on his skills as an entertainer; Chapter 7 bankruptcy will allow him to have the fresh start he needs and deserves. The star is currently on a national tour.

Clearly, many of the debts accrued during Carter's life were the result of poor financial management by others. In this case, Chapter 7 bankruptcy can help expunge those unfair debts, which can allow the young man to start his career anew. Chapter 7 bankruptcy is a great way to promote future financial success by eliminating burdensome debts and enjoying a fresh start. Bankruptcy attorneys can help clients learn more about their individual rights under the U.S. bankruptcy code.

Source: www.usatoday.com, "Aaron Carter files for bankruptcy" Andrea Mandell, Nov. 21, 2013

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