Gary Busey files for bankruptcy

By: Lauren Moraski
Topics: Celebrity

Gary Busey attends the Buddy Holly Hollywood Walk Of Fame Induction Ceremony in Hollywood, Sept. 7, 2011.

(Credit: Getty)

(CBS) Gary Busey is not doing so well in the financial department. He filed for Chapter 7 bankruptcy on Tuesday, reports TMZ.com.

In papers filed this week, the actor noted he has less than $50,000 and has racked up $500,000-$1,000,000 in debt. Those debts include payment to the IRS, lawyers, UCLA Medical Center, Wells Fargo and a storage company.

Busey's rep told TMZ, "Gary's filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, circumstances, and events."

His manager Ron Sampson said the filing provides Busey "a new and clear path" to personal and career success, according to the Associated Press.

Perhaps Busey, 67, can bring in some cash with the new film he has in the works. According to IMDB, he recently finished filming "Piranha 3DD" with Christopher Lloyd and Ving Rhames. Busey was also slated to appear in a horror film called "Mansion of Blood," but reportedly got booted from the set last summer due to "inappropriate behavior."

10 Comments +

Add a Comment


by joseph_pearl February 18, 2012 10:57 PM EST: As a Bankruptcy Attorney, I am not shocked by articles like this. Actor Gary Busey filed Chapter 7 Bankruptcy in California on February 7, 2012. The 67 year old Busey has listed more than $500,000 in debts in his Bankruptcy.

Joseph S. Pearl, LL.M. - A Professional Law Corporation
1400 Chester Ave., Suite C
Bakersfield, CA 93301
661-281-0253; Reply to this comment


by anngw February 9, 2012 6:30 PM EST: Must have been Donald Trump's excellent business advice.; Reply to this comment


by venusvegasvada February 8, 2012 10:42 PM EST: I don't know Mr. Busey but I seem to remember he had a very bad accident years ago that he had a long and hard time recovering from. I hope he does ok.; Reply to this comment


by micmac666 February 8, 2012 9:20 PM EST: Residuals. Independant films. Probably foreign commercials we'll never see, etc. If Gary can stay clean, he can negotiate reasonable settlements and payments to creditors and avoid leaving anyone hanging. 'No big deal.; Reply to this comment


by RunsWithWolves February 8, 2012 9:04 PM EST: Big Wednesday; Reply to this comment

by MariePearle February 8, 2012 7:31 PM EST

Sorry but if formerly rich people can't manage their own funds, or hire the right person to manage their own funds, they should not be allowed to declare bankruptcy.

Reply to this comment


by rwsmith29456 February 9, 2012 2:35 AM EST: Everybody has their hand in your pocket. Being wealthy makes you a target more than it makes you immune.

by Transatlantique February 8, 2012 6:40 PM EST

Poor Gary. It is sad to see anyone fall, even someone you may not like (I don't know Gary so I can't say that I do or don't like him). I hope he finds more success and gets over the urge to use. The sad thing about celebrities is that their acting abilities put them in a dreamlike frame of mind, which can destroy them if they are unable to separate reality from fantasy.

Reply to this comment


by erasmus111 February 9, 2012 4:24 AM EST: "I hope he finds more success and gets over the urge to use."

Use what? I don't recall reading that he was using anything.


by debbie1120 February 8, 2012 5:54 PM EST: It cracks me up when a celebrity, especially one with a substance abuse problem, files bankruptcy because they can't afford their habit anymore. Sell your multi-million dollar house that you don't need.; Reply to this comment