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Friday, February 10, 2012

Gary Busey files for bankruptcy, cites $1 million in debts

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."
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Lance Simonetti said...

It's a good thing that he filed for bankruptcy, before he spent all of his money. There are extensive processes to be taken before one applies for chapter 7 or chapter 13 protection. Well, it depends on the amount of the debt for which protection will be granted. Hopefully, it’s a chapter 13 protection, so he can have 3 to 5 years to save enough resources to pay his debts.

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