It started about a decade ago, according to Aaron Carter. The former teen pop star was just 13 when he started making massive amounts of money. At that age, he was ill-equipped to handle his finances, especially as he began pulling in hundreds of millions of dollars. So his parents reportedly managed his money.

Now 10 years later, Carter is figuring out how bad of a job they may have done and is learning that he is the one who must deal with the consequences of mismanaged money. According to sources, Carter recently filed for bankruptcy. Specifically, he filed for Chapter 7 bankruptcy as a way to discharge most, if not all, of his debt.

Carter, who is now 25, claims that his parents were irresponsible when they were in charge of his money. Even though he says he was pulling in millions of dollars as a teenager, it was not long until all that money was gone and much of what was left was debt. In fact, he is said to owe more than $3.5 million in back taxes and credit card debts.

Reports indicate that Carter only has less than $9,000 in assets to his name, making it impossible to repay creditors. By filing for Chapter 7 bankruptcy, Carter hopes that all his debts will be discharged and he will be able to make a fresh financial start without interference from his parents.

People in New Jersey may not have gotten into financial troubles because their international pop singing career fizzled out, but that doesn’t mean their money issues are any different. Being in debt can completely upset a person’s life and make it difficult to move on. Filing for bankruptcy is one way that people can deal with their unmanageable debt and work towards a stronger financial future.

Source: Yahoo! omg!, “Inside Aaron Carter’s Bankruptcy: How He Wound Up Worth Just $8,000 (Dog Included),” Lauren Schutte, Nov. 21, 2013