Not Too Young, Not Too Old: Aaron Carter Hopes For Fresh Start Following Chapter 7 Bankruptcy Filing
Just over ten years ago, Aaron Carter was at the top of his game. He
had a number of hit singles, including “I Want Candy” and was dating the
darling of the Disney set, Hilary Duff. In great demand like his
brother, Nick Carter of the Backstreet Boys, Carter appeared on
television shows, toured extensively and even had his own action figure.
It was an amazing life for a boy not even out of his teens.
Now, at age 25, despite efforts to make a comeback, Carter is broke. He has claimed in court documents that he has assets worth just $8,232.16 – including computer and music equipment and $60 in cash – but owes creditors more than $2 million in liabilities. A big chunk of his liabilities is owed to the Internal Revenue Service: he has an outstanding tax bill totaling $1,368,140.
Carter’s tax bills date back to 2003. In 2009, the IRS slapped Carter with a million dollar lien – the same year he appeared on the ninth season of ABC’s Dancing with the Stars with professional dance partner Karina Smirnoff. Smirnoff said about the tax lien and Carter’s debts at the time, “I don’t see why he can be held responsible. He was a baby when all that… happened.”
In 2003, Carter was just 15 years ago. He was old enough to earn millions and be subject to tax but likely too young to understand his financial responsibilities. That’s what management is for, right?
Carter has a new management team now but his prior management team included Lou Pearlman. Yes, you’ve heard of him. Pearlman created Trans Continental Records and was responsible for creating the boy bands ‘NSYNC and The Backstreet Boys – big brother Nick Carter’s former band and the best-selling boy band of all time. He also dabbled in reality television, “finding” the boy band O-Town on the first season of ABC’s Making The Band (Pearlman would bow out for season two as P. Diddy took over search duties).
Now, at age 25, despite efforts to make a comeback, Carter is broke. He has claimed in court documents that he has assets worth just $8,232.16 – including computer and music equipment and $60 in cash – but owes creditors more than $2 million in liabilities. A big chunk of his liabilities is owed to the Internal Revenue Service: he has an outstanding tax bill totaling $1,368,140.
Carter’s tax bills date back to 2003. In 2009, the IRS slapped Carter with a million dollar lien – the same year he appeared on the ninth season of ABC’s Dancing with the Stars with professional dance partner Karina Smirnoff. Smirnoff said about the tax lien and Carter’s debts at the time, “I don’t see why he can be held responsible. He was a baby when all that… happened.”
In 2003, Carter was just 15 years ago. He was old enough to earn millions and be subject to tax but likely too young to understand his financial responsibilities. That’s what management is for, right?
Carter has a new management team now but his prior management team included Lou Pearlman. Yes, you’ve heard of him. Pearlman created Trans Continental Records and was responsible for creating the boy bands ‘NSYNC and The Backstreet Boys – big brother Nick Carter’s former band and the best-selling boy band of all time. He also dabbled in reality television, “finding” the boy band O-Town on the first season of ABC’s Making The Band (Pearlman would bow out for season two as P. Diddy took over search duties).
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