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Aaron Carter files for Chapter 7 bankruptcy

Chapter 7 is one type of bankruptcy that is applicable to individuals seeking debt relief in Hamilton, Tennessee. It enables debtors to obtain a fresh financial start through liquidation. Under this type of bankruptcy protection, property and assets are liquidated to settle the incurred debts.

Recently, Aaron Carter decided to file for Chapter 7 to settle his debts. Based on the report, the singer has $2,204,854 in liabilities and $1 million worth of back taxes. Carter's listed assets are worth $8,232.16. The singer lives with a $2,005 monthly budget, which includes $65 for hygiene, $600 for food and $150 for clothes.

The singer is aiming to get back on track and is now focusing on alleviating his past issues by starting with settling his debts. Reports show that the debts were accumulated during the time when the singer was just a teenager and had a limited control over his finances.

Just like Carter, Tennessee residents can file for Chapter 7 bankruptcy protection to settle debts. In this case, the singer's valued assets will be liquidated to pay off his debts.

Debtors should not be afraid to use bankruptcy because it was created to obtain a fresh financial start. This economic tool allows debtors to settle their debts and regain a firm financial footing. A debtor who is interested to know more about Chapter 7 and other bankruptcy options should know that there are many significant details to become familiar with, so getting the best information is a good starting point.

Source:, "Aaron Carter files for bankruptcy," Nov. 21, 2013

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

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