Garey Busey Declares Chapter 7, Owes About A Million
By Jessica Grabert 2012-02-08 20:47:42
Last season of Celebrity Apprentice was doured a bit by news that Richard Hatch was being jailed for some problems with paying taxes. Hatch was later released, but he still owes the tax man a hefty penny. Turns out he is not the only one with financial problems from that Apprentice cast. Now, Gary Busey is admitting to money woes of his own.
On Tuesday, Busey filed for Chapter 7 bankruptcy in California, and if the documents he submitted are to be believed, the 67-year old actor’s finances are in fairly dire shape. According to the New York Daily News, Busey has over one million dollars in debts.
While one million dollars does not seem much for a big ticket celebrity, for Busey, who has largely subsisted in recent years on shows like Celebrity Rehab and Celebrity Apprentice, and as characters in smaller budget films, the amount is rather a lot. His one million dollars in debt is apparently offset by only $50,000 in assets. Busey owes money to lawyers, the IRS, the UCLA Medical Center, and a woman named Carla Loeffler, who sued Busey last May.
While Busey has had his fair share of ups and downs, including rehabilitation, getting into bankruptcy is a different beast. Hopefully, in the coming year, Busey can get his act together, pay off his debts, and leave a legacy worth leaving.
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