Aaron Carter Files for Chapter 7 Bankruptcy
Gaining some childhood success and producing a few fun rap songs reportedly weren't enough to forge Aaron Carter into a long-running success. The 25-year-old singer recently confirmed that he filed for Chapter 7 bankruptcy.
"The bulk of the debt is from over 10 years ago when he was a minor and his money was being managed by other people," Carter's representative said in a statement to Us Weekly. "Most of that is an IRS tax debt. It's very old debt from when his money wasn't in his control. This is not recent problems that happened in the last couple of years, it's going way back."
The rep continued, saying, "Aaron is really making smart decisions and taking control of his life. He's clean and sober, finishing his 75-city sold-out tour. And even though this is a negative story, this really is a positive step for him, because it's him being able to put his past problems behind him and move forward."
A source close to the "I Want Candy" singer gave details on his financial situation, saying, "We see this from a lot of people who earn money in their young life and have other people controlling their money for them. That's really what this is about: someone who was famous as a child, and the money was not managed the way it should have been. Aaron is really a hard worker."