Aaron Carter files for Chapter 7 bankruptcy, owes $1.3+ million to IRS

Poor Aaron Carter. He just tried to be the flyest kid on the block, the popular one with the rising stock. Instead he spent more than he earned and failed to pay taxes. Now Aaron’s Party is over.

According to documents obtained by TMZ, the former teen sensation just filed for Chapter 7 bankruptcy. For the paperwork, Aaron was forced to divulge all of his assets — which added up to $8,232.16.

The problem is, Aaron owes $1,368,140 to the IRS. He also has an outstanding $31,166 credit card bill.

Steve Honig, Aaron’s representative, told TMZ the 25-year-old working singer hopes filing for bankruptcy will give him a blank slate. Unfortunately, the Chapter 7 filing will stay on Aaron’s credit report for 10 years, which will make it difficult for him to get any loans or credit cards.

“The overwhelming majority of the debt he is asking to be discharged is from more than 10 years ago when he was a minor and not in control of his finances,” Steve said of his 25-year-old client.

For the time being, Aaron needs to work on his budgeting: He earns less than $2,000 per month for his concerts, but spends more than that amount. Maybe he should consult with financial advisor Suze Orman (pictured above)!