Debt problems can strike anyone, whether they are wealthy, famous, poor or middle class. A recent story to hit the news about ex-child pop music star, Aaron Carter, further illuminates this point. The singer says that he has less than $10,000 of personal assets and he is millions of dollars in debt. The singer attributes most of his debt problems to poor money management by his parents who managed his financial affairs when he was a minor. The singer says he was hit with over $1 million in tax bills when he turned 18 and he simply was not able to afford them.
The 28-year-old singer said that he is in a bad position financially and in spite of filing a Chapter 7 bankruptcy last year, he is currently more than $100,000 in debt. He said that things have been difficult for him and he wishes he could have his life set up, and he wants to own a home. Carter has had other difficulties outside of his financial life. In 2011, he checked himself into a treatment center to deal with spiritual and emotional issues.
Carter once had millions of dollars to his name, but when he was just 18 years of age, he signed over his millions to his parents so they wouldn’t be sent to prison for tax evasion. These days, like many people suffering from debt problems, the singer says that it is common for him to overdraw his checking account.
New Jersey residents with debt problems might be able to identify with Carter’s position in some ways. Fortunately, many individuals in debt may be able to seek protection from creditors by filing for Chapter 7 or Chapter 13 bankruptcy proceedings.
Source: People, “Aaron Carter Opens Up About His Financial Struggles on Life Or Debt: ‘It’s Been Really Difficult for Me’,” Christina Dugan, May 05, 2016