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Singer Aaron Carter files for Chapter 7 bankruptcy

Personal bankruptcy may be a financial tool that some Massachusetts residents have considered. Bankruptcy has certain stigmas attached to it, but when you look at the facts, it can be a viable option to consider when overwhelmed by debt. The holidays can be an especially stressful time for those hounded by debt collection agencies, high pressure to pay high bills and other personal obligations. When considering debt relief options, filing for Chapter 7 bankruptcy allows most of a filer's debt to be absolved in a matter of a few months.

Singer Aaron Carter, famous for his hit single "I Want Candy," filed for Chapter 7 bankruptcy to help with some of his personal debt. According to a recent article, he had debts of over $2 million. His representative explained that most of the debt came from when he was a minor and others managed his money. He is filing to help find debt relief while he tries to rebuild his life and career on a 75-city music tour.

Chapter 7 bankruptcy allows Massachusetts residents to find relief from debt in as short as 3-6 months. It allows most debt to be cleared, except for some debt like student loans. It allows for mortgage modifications and a path to financial freedom. Requirements may vary depending on state law, so Massachusetts residents should be mindful of their eligibility for Chapter 7 bankruptcy.

With the holidays coming, it may be the perfect time to pursue financial freedom. As Carter is beginning to take steps towards debt relief through his bankruptcy filing, it may be an option for others as they consider their level of personal debt as well. No one wants to have their debt follow them around and one option for relief is through Chapter 7 bankruptcy.

Source: US Magazine, "Aaron Carter Files for Chapter 7 Bankruptcy: 'Positive Step For Him,' Says Rep," Nicole Eggenberger and Jennifer Peros, Nov. 21, 2013

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