Gary Busey Files For Bankruptcy In Los Angeles

LOS ANGELES -- Court records show Gary Busey has filed for bankruptcy and is listing more than $500,000 in estimated personal debts.

Busey's filing on Tuesday in Los Angeles provides few details but includes more than a dozen potential creditors.

The actor and reality show star does not state a reason for the filing. His manager Ron Sampson wrote in a statement the filing provides Busey "a new and clear path" to personal and career success.

The filing states the 67-year-old has less than $50,000 in assets.

Busey has starred in numerous films including "Point Break" and "Lethal Weapon" but has in recent years appeared more on reality shows such as "Celebrity Apprentice."

The filing was first reported Wednesday by celebrity website TMZ.

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Comments

[Papa Love]

01:54 PM on 04/08/2012

Anyone with an earning potential or a net worth in the millions who winds up going bankrupt probaly deserves it. It's called KARMA.

Busey is not the only celeb to go bankrupt. There's Sherman Helmsley, Kim Basinger, Wayne Newton---just for starters.

I'm not saying that success should be punsihed. Everyone who makes an honest living through hard work deserves to live comfortably. But when you squander large amounts of money needelessly on a lavish lifestyle or gambling or drug abuse or foolish investments and mismanagement--- you reap what you sow!

Most of us will never earn a fraction of what these celebs earn, and we are struggling to feed and educate our children, pay for gas, keep up with our mortgages, yet we still remain financially responsible.

[Stephen Benion]

03:03 AM on 03/04/2012

Gary is a great guy and this shouldn't have happened.

[pearl1977]

10:18 PM on 02/18/2012

As a Bankruptcy Attorney, I am not surprised by articles like this. Actor Gary Busey filed for Bankruptcy in Los Angeles on February 7, 2012. The 67 year old Busey has listed more than $500,000 in debts.

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

[Brikdt x]

10:33 PM on 02/21/2012

Why did you post your professional contact info? Are you looking to become Mr Bussey's attorney or are you hoping to drum up business from other celebs that may be considering bankruptcy? Just curious. BTW, I have under $50,000 in assets. Should I give you a call?

[chuckles42]

10:33 AM on 02/13/2012

Thanks a million Gary Busey for doing your Crazy Parking Lot Dance Party for TMZ while parking in HANDICAP PARKING !

[Ruchi Chaudhary]

05:30 AM on 02/13/2012

Small bits of content which are explained in details, helps me understand the topic, thank you!

National Help Center Law Group

[freddsky]

11:33 PM on 02/11/2012

"a new and clear path" to personal and career success....

is what Republicans refer to as "welshing on your obligations" when a Progressive does it.

[dimplesmile7]

07:45 AM on 02/09/2012

He endorsed Newt Gingrich too. Again, another republican that vote against their own best interest.

[dansup]

09:02 PM on 02/08/2012

he learned that from the Donald - he's done it numerous times and probably gave him some pointers

[drekrab180]

06:31 PM on 02/08/2012

Too bad. Hate to see this happen.

[riverdew149]

03:46 PM on 02/08/2012

This poor guy can't catch a break. I love some of his older movies. He was truly an actor who could steal scenes. Sorry that things didn't go better for him. I think his buddy "Trump" should step up and find a place for him. He made some cash off of him. Turn about is fair play.

[too young but old enough]

03:35 PM on 02/08/2012

Guess 'crazy' don't pay the way it used to.