Oscar-Nominated Actor Files for Bankruptcy

Feb 9, 2012  •  Post A Comment

A well-known actor who recently moved from the big screen to reality television has filed for Chapter 7 bankruptcy, TheWrap.com reports.

Gary Busey, who recently appeared in "Celebrity Wife Swap," revealed in the filing that he has $50,000 or less in assets and debts in the $500,000 to $1 million range, the story reports.

Busey, known for “Lethal Weapon” and other hit films, received an Oscar nomination for his lead role in the 1978 movie “The Buddy Holly Story.”

The 67-year-old actor said his possible creditors include lawyers, the IRS, a storage company, Santa Monica UCLA Medical Center and Wells Fargo bank, the story reports, citing the filing. He also listed Carla Loeffler, who filed suit against the actor for allegedly tackling her at an airport, as a possible creditor, the story adds.

According to the filing, Busey likens his financial problems to those of many other American institutions. "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," the filing reads, according to the piece.

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