Sometimes it seems like California celebrities have it all, but it's important to remember that these individuals can struggle financially as well. In fact, no one is immune to falling into debt problems. Recently, it was revealed that celebrity Aaron Carter is struggling under the brunt of $150,000 worth of debt. The young star appeared on the reality TV show "Life or Debt," where he confessed to his financial problems and that in 2013 he filed for Chapter 7 bankruptcy.
On US Weekly, the reality star talked about his involvement in the show "Life or Debt." He said that he first started struggling after getting hit with a lot of taxes at 18 years of age. He said that even though he filed for Chapter 7 he is already suffering from $100,000 with of debt. In 2009, the child pop star reportedly owed $1 million worth of tax money.
Carter said that he does not own any savings at the moment and that he desperately wants to own his own home. He said that things have been very difficult for him. According to legal documents, his assets are reported to be $8,000 and his liabilities total approximately $2 million. Those include $1.3 million worth of unpaid taxes. This figures date back to his 2013 Chapter 7 filings.
The ex-teen star, who is the younger brother of a Backstreet Boy, blames his debt woes on the fact that other people were managing his money when he was much younger. He said that his parents contributed a lot of neglect to his financial situation and they did not do things properly.
While many people might think that celebrities live an easy life, the fact is that debt problems are difficult for everyone -- no matter what their background happens to be. Fortunately, bankruptcy is available to help people move on past their debt struggles to live a more financially sound life.
Source: Lawyer Herald, "Aaron Carter Reveals $150K Debt; Former Child Pop Star Struggling with Finances, Bankruptcy," May 12, 2016
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