"I filed a Chapter 7 bankruptcy last year, now I'm already over $100,000 in debt," the singer reveals.

By Christina Dugan
Updated May 10, 2016 09:45 PM
Gabriel Olsen/Getty

Child stardom seems to have gotten the best of Aaron Carter … both financially and emotionally.

“Financially, I’m in a terrible position,” Carter, 28, tells financial advisor Victor Antonio in a sneak peek of Spike TV’s new reality show, Life Or Debt. “When I turned 18, I got hit with all those taxes. I filed a Chapter 7 bankruptcy last year; now I’m already over $100,000 in debt.”

An emotional Carter adds, “It’s been really difficult for me. I want to have a life set up. I want to have a house. I can’t tell you how badly I want to have a home.”

The singer has had his share of financial turmoil throughout his career.

In December 2009, Carter owed more than $1 million in taxes.

On top of his financial struggles, Carter has had quite the emotional journey as well.

In 2011, he checked himself into a treatment facility “to heal some emotional and spiritual issues he was dealing with,” his manager at the time, Johnny Wright, previously said in a statement.

Aaron Carter on PEOPLE Now

Because Carter started his music career at a young age, by the time he was 18 year old, he had millions of dollars in the bank. However, in order to prevent his parents from going to jail for tax evasion, Carter signed the money over to them.

“Everybody told me not to take the brunt of this bankruptcy,” Carter reveals in the clip.

He then admits that not only does he have no savings and overdraws his checking account, Carter is also more than $150,000 in debt.

Life Or Debt premieres May 15 at 10 p.m. on Spike TV.