The impulsive Gary Busey has reportedly filed for bankruptcy.
The veteran actor filed for Chapter 7 bankruptcy in California on Tuesday (Feb. 7).
According to documents obtained by TMZ, the actor noted he has less than $50,000 and has racked up $500,000-$1,000,000 in debt.
Some of the creditors owed money by Busey are the IRS, various lawyers, UCLA Medical Center, Wells Fargo, and L.A. County Waterworks Districts.
Comparing his financial problem with the "great American institutions" such as General Motors and American Airlines.
Busey’s publicist released this statement:
"As with many great American institutions, i.e., General Motors, American Airlines, and many others who have utilized the strategic business tool called bankruptcy, Gary Busey’s filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, events and circumstances that visited themselves upon this great American icon, to enable the start of a new and clear path to peace, happiness and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."
[Photo courtesy of PacificCoastNews.com]