Actor/Singer Aaron Carter Values Dog As $0 On Bankruptcy Petition

Actor and singer Aaron Carter has filed for Chapter 7 bankruptcy and valued his pet bulldog as $0 on the bankruptcy petition. According to a news source, the entertainer has claimed debts in the amount of $2,204,854 and remaining assets totaling $8,232.16. In his petition, Carter lists his assets as a 61 inch flat screen television, two MacBook computers, two Headset microphones, a speaker, a guitar, $60.00 in cash, a Louis Vuitton backpack, a duffle bag, a printer worth $2,500, and a watch worth $3,750. Most interestingly, Carter listed the value of his purebred English Bulldog pet at $0. It was reported that Carter stated that he devalued his beloved pet because he was afraid that the bankruptcy trustee would attempt to sell off the dog to satisfy his creditors. Traditionally, all of a debtor's assets in a bankruptcy proceeding have some worth or value and debtors are under an obligation to accurately and fairly place a value on all of the assets that are listed on the bankruptcy petition. In truth, Carter most likely did not have anything to worry about even if he accurately assessed the value of his pet, which most likely is worth between $1,500 and $2,000, because a bankruptcy trustee will rarely attempt to sell an animal as the time and effort involved in selling an animal usually exceeds the price at sale. Further, the fact that Carter overtly devalued one of his assets could raise a suspicion in the trustee as to what other assets he may have purposely devalued. Bankruptcy petitions are legal documents that are filed with the court, therefore, lying on such documents could result in the dismissal of a debtor's bankruptcy case. If you are having trouble dealing with your consumer debt and are considering filing for bankruptcy or would simply like to know more about the process of filing for bankruptcy it is critical that you seek the advice of experienced legal counsel to advise you on the issues concerning bankruptcy. For more information regarding bankruptcy, foreclosure or any other consumer debt issues visit TheNJBankruptcyAttorney.com. This blog is for informational purposes only and not intended to replace the advice of an attorney