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Aaron's party: Singer's bankruptcy viewed as a positive step

A person's professional career can take many twists and turns. The perks of a well-paying job can evaporate very quickly in the event of a layoff or economic downturn. Unfortunately, this has likely been a reality for a number of families in Texas over the last several years.

Though it may be hard to see past the headlines and glamorous lifestyles, celebrities can run into financial troubles for the very same reasons. Aaron Carter, a pop singer who gained notoriety as a teenager several years ago, has been dealing with outstanding debts for quite some time. He recently decided to file for personal bankruptcy in order to find a fresh start.

Carter, who gained popularity with his 2000 song "Aaron's Party," has accrued debt over the course of several years, including while he was a minor. At the time, the singer had no control of his finances. As such, Carter's publicist (who is among the creditors listed in the filing) said this isn't a bad thing; rather, it will help provide Carter with the financial stability he needs.

At this time, the Internal Revenue Service is listed as the primary creditor in Carter's bankruptcy case. The debt amounts to $1.3 million for taxes that went unpaid when the pop star was only 16 years old. In most cases, however, tax debts can't be discharged with bankruptcy.

Carter's assets, on the other hand, are much smaller than his debt. In total, he is currently worth only $8,200, which includes $5 in his savings account and $917 in his checking account. The singer found a lot of success at a young age, but he is seeing little profit from those accomplishments today. He owns the publishing rights to two of his songs, but doesn't have access to royalties.

Like others who file for bankruptcy, Carter has dealt with hard luck. In order to get out from under the burdensome debt, the singer sought debt relief and pursued a reliable option to help create a stronger financial future.

Source: CNN, "Bankruptcy filing 'very positive' for Aaron Carter, publicist says," Alan Duke, Nov. 21, 2013

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