The actor claimed he has less than 50,000 dollars in assets, which is far inadequate for his debts .
Gary Busey is heavy on the debts and light on his saving accounts. The 67-year-old actor filed for Chapter 7 Bankruptcy in California on Tuesday, February 7, revealing that he owes between $500,000 to $1 million while having only less than $50,000 in assets.
The official document obtained by TMZ, Busey stated that he owes money to various sources such as the IRS, several lawyers, UCLA Medical Center, Wells Fargo, L.A. County Waterworks Districts and a storage company. He also noted that he might owe money to Carla Loeffler, a woman who sued him for allegedly attacking her in an airport in Tulsa back in May.
In his four decades in Hollywood, Busey has starred in more than 70 movies including the 1978's "The Buddy Holly Story" that earned him an Oscar nomination. He has three movies being released this year.