Aaron, oh Aaron, what are you going to do?
In a preview for the Spike series Life Or Debt, Aaron Carter opens up about the financial turmoil he has endured as an adult after finding fame as a child star in the ‘90s.
“Financially, I’m in a terrible position,” Carter, 28, tells financial advisor Victor Antonio in the sneak peek above. “When I turned 18, I got hit with all those taxes. I filed a Chapter 7 bankruptcy last year; now I’m already over $100,000 in debt.”
The “Aaron’s Party (Come Get It)” singer also reflects back on his fateful decision to sign over the millions he made as a kid to his parents, Robert and Jane Carter, to prevent them from going to jail for tax evasion.
“Everybody told me not to take the brunt of this bankruptcy,” Carter — who owed $1 million in taxes in 2009 — recounts in the clip. He also shares that he has no savings to his name and is more than $150,000 in debt.
As Us Weekly previously reported, the younger brother of Backstreet Boys member Nick Carter filed for Chapter 7 bankruptcy in 2013. Legal documents stated that his assets totaled $8,232.16 and his liabilities totaled $2,204,854.
“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 rep explained to Us at the time. “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.”
Watch the video above. Catch Carter’s appearance on Life Or Debt on Spike Sunday, May 15, at 10 p.m. ET.
