Aaron Carter has filed for Chapter 7 bankruptcy, TMZ.com reports.
In the documents filed on Thursday, it was revealed that the 25-year-old singer's assets total up to $8,232.16, while his liabilities come to more than $2.2 million.
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"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 told US Weekly. "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."
The younger brother of Backstreet Boys' Nick Carter, Aaron kicked off his After Party Tour earlier this year.