American Idol heartthrob Phillip Phillips has an estimated net worth of $3.5 million since coming out on top in 2012 on Season 11. But that hasn't prevented his parents from piling up massive debts. Daily Mail Online has learned exclusively that Phillip 'Donnie' Phillips and his wife Sheryl filed for Chapter 7 bankruptcy on September 19th in Georgia Federal Court. The court documents state they have a total of $290,445 in assets - but owe $304,295 to creditors. Mr and Mrs Phillips, both 61, ran their own pawn shop for 24 years, however they sold it off in 2012 after defaulting on payments. Singer songwriter Phillip, 24, worked at the family business before winning American Idol - but just a few months later failed to step in to save it. Scroll down for video . Idolized: Phillip's proud parents Phillip Sr and Sheryl were by his side as he sang his heart out to win the 11th Season of American Idol. He took the audience home to Georgia, where his father owned the pawn shop . The Phillips family home  in Leesburg, Georgia . Court documents obtained by Daily Mail Online show that his parents' financial woes continued to spiral while he amassed reported net earnings of $5 million in 2013 alone. Mr and Mrs Phillips have refused to lift the lid on the rumored family rift, however, and say they don't blame him for their money troubles. 'He's a good son, he's there for us," Mrs Phillips told Daily Mail Online from the doorstep of their family home in Leesburg, just outside Albany, Georgia. 'There's no rift - in fact I've just come off the phone to him. The couple's debt includes $204,000 owed to the bank for four Georgia commercial properties, including a mobile home, $78,000 on their single-story family home and $3,400 for a Hilton Head timeshare. The family sporting goods and pawn shop closed . They also owe nearly $1,000 in medical bills, over $5,000 in credit card debt and $1,279 for dental services. Both list themselves as unemployed although Sheryl brings in $1,822 from pension income and they get $700 in help from family members. The pair, who also have a 37-year-old daughter named La Donna who founded the non-profit group Mission Change, only have $30 left after paying their monthly bills. Their former family business, Albany Sporting Goods and Pawn, was sold off at a public liquidation auction in December 2012. It took place just a month after Phillips released his platinum-selling debut album, The World from the Side of the Moon. Several of the star's guitars were among the lots, along with a trove of signed pictures, CDs, posters and even the framed American Idol tickets that his parents used to attend the FOX talent show. Mr Phillips said he was looking to retire but subsequent reports suggested the building and its inventory was sold to pay off mounting debts. As he advanced in the singing competition, Phillip traveled back home to Georgia took the Idol audience to his father's pawn shop, where he had worked . Sources told  Sources told TMZ  the couple had to sell the shop at auction after they defaulted on payments in 2012 and blamed Phillips for losing the business after he failed to help them. But neither Mr Phillips, nor his wife, have ever publicly accused their son of abandoning them. According to their bankruptcy paperwork, their remaining assets including $6k in household items, $260 in a checking account, $600 in clothing and $2k in jewelry . Phillip's parents listed a number of items they are holding for their son including clothing, guns and guitars . According to their bankruptcy paperwork, their remaining assets including $6k in household items, $260 in a checking account, $600 in clothing and $2k in jewelry. They also have four firearms worth $860, a 2002 Town & Country van worth $2,600, a 2000 Ford Ranger Pickup worth $1,600, a 1979 Smokecraft 18' Bass boat estimated at $1,600 and a riding mower worth around $100. Mr and Mrs Phillips also reveal that their famous son has assorted firearms, clothing, guitars, electrical equipment and personal items which are still stored at their home. Phillips, meanwhile, is suing 19 Entertainment, the producer of American Idol, to get out of his contract, claiming that he’s been ‘manipulated’ by the company. The musician beat out Jessica Sanchez in the show's May 2012 finale and his coronation song Home peaked at number 6 on the Billboard Hot 100. Phillip and now fiance Hannah Blackwell at the 2014 Billboard Music Awards . But in January he filed a petition with the California Labor Commissioner claiming that he was obliged to play corporate gigs, hand over 40 percent of his earnings and didn't even know the name of his album until the public did. Phillips, who announced his engagement to longtime girlfriend Hannah Blackwell over Christmas, told ABC News: ‘I have not felt that I have been free to conduct my career in a way that I am comfortable with. 'I look forward to being able to make my own choices about my career and to being able to make great mu .
Season 11 winner Phillip Phillips has a net worth of $3.5 million . His parents were forced to sell their pawn shop at public auction in 2012 . Now they have filed for Chapter 7 bankruptcy . Phillip Sr and Sheryl Phillips insist the Idol favorite is 'a good son'