Washington: Aaron Carter is taking control of his finances as his rep has confirmed that he has filed for Chapter 7 bankruptcy.
According to TMZ.com, the 25-year-old singer`s assets total 8,232.16 dollars and his liabilities total 2,204,854 dollars as per his legal documents.
The rep explained that 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, Us magazine reported.
The rep added that the `I want candy` hitmaker is making smart decisions and he is clean and sober, finishing his 75-city sold-out tour.
The rep said that even though this is negative story, it`s a really positive step for him as he is able to put his past problems behind and move forward.