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    Aaron Carter Files for Bankruptcy

    Aaron Carter Jamie McCarthy/WireImage

    Looks like "Aaron's Party" may have gotten a little out of hand.

    Aaron Carter has filed for bankruptcy, E! News confirms.

    "Aaron filed for Chapter 7 Bankruptcy protection to alleviate past issues in an effort to move forward with his life and career," his rep, Steve Honig, tells E! News in a statement. "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."

    According to documents obtained by E! News, Carter's assets total just $8,232.16. The pop star lists his average monthly income at $1,998.75 and his monthly expenses at $2,005.

    NEWS: Aaron Carter speaks out about sister Leslie's shocking death

    The musician's financial liabilities total over $2.2 million, and he owes nearly $1.4 million to the IRS in addition to his $31,166 American Express Bill. Furthermore, he owes $9,000 to Bandango for a tour bus, $575,340 to Live Nation Merchandise for a business debt and $10,000 to AAA Auto Insurance for a Feb. 3, 2011 insurance claim, among another expenses.

    Carter, who is the younger brother of Backstreet Boy star Nick Carter, shot to fame in the late 1990s. His most popular album, Aaron's Party (Come and Get It), was released in September 2000 and sold over 1.5 million copies thanks to hits such as "I Want Candy" and "That's How I Beat Shaq."

    Despite his financial troubles, the 25-year-old pop star is still pressing forward with his music career—he is scheduled to perform in Eugene, Ore., tonight and is currently touring on the West Coast.

    —Reporting by Senta Scarborough

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