Anyone can fall on hard financial times either quickly due to life circumstances or slowly over time. Either way, when someone finds they simply can’t meet their financial obligations, they have options that can help them get the fresh financial start they may need. Recently in Florida, former teen pop star, Aaron Carter, filed for Chapter 7 bankruptcy.
According to a representative for the singer, the bulk of the debt the 25-year-old is struggling with dates back ten years when he was a teenager. He was a minor and not legally in control of his finances at the time. His spokesperson has also stated that Chapter 7 bankruptcy was deemed the best way to handle the debt the singer faced.
He reportedly built up $2 million in debt. It was also reported that he had less than $1,000 in a checking account at the time he filed paperwork for bankruptcy. The teen star had notable issues with sobriety and is said to be taking responsibility for his debt now that he is putting his life back together.
Despite earning a great deal in his youth with record album sales, the teen star shows that debt can happen to anyone in any income bracket and at any age. Chapter 7 bankruptcy may help him discharge his debt and get the fresh start that many other Florida residents have already taken advantage of. Anyone who is struggling to maintain a lifestyle or who has realized their debt far outweighs their ability to pay it off may benefit from learning more about how Chapter 7 bankruptcy may help.
Source: Billboard.com, Aaron Carter Files for Bankruptcy, Erik Hayden, Nov. 21, 2013