Gary Busey files for bankruptcy
February 8th, 2012
06:00 PM ET

Gary Busey files for bankruptcy

Gary Busey has filed for bankruptcy, a move his rep calls a strategy to help the actor and reality star gain a fresh start.

According to documents filed in California on Tuesday, Busey, 67, has less than $50,000 in assets while owing creditors anywhere between $500,000 and $1 million in debts. The decision to file Chapter 7 is part of a larger strategy, Busey's rep said.

"As with many great American institutions, i.e., General Motors, American Airlines, and others who have utilized the strategic business plan of bankruptcy, Gary's filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, circumstances, and events."

Such a move would enable the actor to head down "a new and clear path toward peace, happiness, and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."

soundoff (107 Responses)
  1. who is gary busey

    for the love of god

    February 6, 2013 at 11:38 am | Report abuse |
  2. Communication & Media Law

    Great issues should come to an end Communication & Media Law

    February 6, 2013 at 11:34 am | Report abuse |
  3. more

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    December 7, 2012 at 11:43 am | Report abuse |
  4. Bankruptcy | Bankruptcy Rules | Bankrupt | Chapter 13 Bankruptcy | Chapter 7 Bankruptcy

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    November 2, 2012 at 10:19 am | Report abuse |
  5. Daniel

    It's perfect time to make some plans for the longer term and it is time to be happy. I've learn this submit and if I may just I want to suggest you some attention-grabbing issues or tips. Perhaps you can write next articles relating to this article. I wish to read more things about it!

    October 29, 2012 at 12:33 pm | Report abuse |
  6. Joe in Kalispell, MT

    Funny justification for filing bankruptcy. He has been so much trouble in the past he is basically unemployable in Hollywood, similar to LiLo.

    February 28, 2012 at 3:55 pm | Report abuse |
  7. Joseph Pearl

    Being a Bankruptcy Attorney, I am never surprised by stories like this. Actor Gary Busey filed Chapter 7 Bankruptcy in Los Angeles last Tuesday. Apparently, Mr. 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

    February 18, 2012 at 10:58 pm | Report abuse |
  8. Leucadia Bob

    Bummer Gary.

    February 10, 2012 at 5:38 pm | Report abuse |
  9. Lift The Spirit

    “I made enough money to buy Miami but I pi$$ed it away so fast. Never meant to last, never meant to last,” Jimmy Buffett.

    Anyone, repeat anyone, has the potential to go bust!

    February 10, 2012 at 3:50 pm | Report abuse |
  10. longtooth

    Gary lost some brain cells when he smashed his head against a curb in a motorcycle accident. His spirit is still the same, or so it appears. He's a fun-loving guy. Hope he does well. But don't lend him money.

    February 10, 2012 at 3:48 pm | Report abuse |
  11. takeBuseysChickDotcom

    I'm worth more than $50k, I'm smarter and better-lloking than Busey... I wonder if his squeeze will come live with me.

    February 10, 2012 at 3:05 pm | Report abuse |
  12. aBusey

    brain damage... bankruptcy... that's about right. Is this news? The news is the hot blonde chick is still with him... at least until she can grab on to another money/stardom vine like the monkey all hot chicks are... lol

    February 10, 2012 at 3:04 pm | Report abuse |
  13. strangways

    I bet his creditors are really happy to hear he wants to ditch them and start over with his "beautiful new soulmate".

    February 10, 2012 at 2:56 pm | Report abuse |
  14. Vivian

    You're disgusting. Boring day in the trailer park?

    February 9, 2012 at 7:16 pm | Report abuse |
  15. Paula

    Unfortunately this is all too common amongst celebrities. This have managers or accountants that mismanage their money whether it be on purpose or not when the celebrity should be looking out for themselves. Everyone should be aware of their finances regardless of status or income level. I wish him and his wife the best.

    February 9, 2012 at 7:13 pm | Report abuse |
  16. Trisha

    I can't believe some of the idiotic things being said on here. The lack of compassion for people in general, stars or not, handicapped or not is just so very sad. We all have the American legal RIGHT to file banckrupty-he isn't doing anything big corporations don't do and millions of Amercians do weekly, Consider the astronomical medical bills he had and the fact he was unable to work for many years. Medical issues can hit anyone of us ANYTIME. How many parents have lost their homes, filed bankruptcy and such for treatments for a child with cancer. How is that different than a tramatic brain injury? Sure hope the ingnorant commentors don't suffer the same fate as I am sure YOU would never file bankruptcy to save yourself.

    February 9, 2012 at 5:15 pm | Report abuse |
  17. mia in California

    All it takes for Busey is a few good movie roles to set him on the track to financial stability again.

    February 9, 2012 at 5:13 pm | Report abuse |
  18. Allison

    @DKS: Nobody is making fun of his ticks or anything related to his brain damage. His brain damage did not cause him to blow every dime he made to the point of bankruptcy.

    February 9, 2012 at 8:26 am | Report abuse |
    • Paula

      Portalpunk is a JERK and karma is a *itch so he/she should watch what they say or what they do and how they treat others. You appear to be a cyber bully and need to work on being a better human being

      February 9, 2012 at 7:15 pm | Report abuse |
  19. jacko222

    Good luck to this guy. He's worked hard and done a lot of good things in his career. Does not deserve the ridicule our hater culture throws at him. Good luck, bro.

    February 9, 2012 at 2:13 am | Report abuse |
  20. kkent25

    How is the lawyer getting payed?

    February 8, 2012 at 10:06 pm | Report abuse |
  21. i_know_everything

    he could have been our Vice President

    February 8, 2012 at 9:56 pm | Report abuse |
  22. D

    Gary is one funny dude. He'll make it through this

    February 8, 2012 at 9:56 pm | Report abuse |
  23. stagehand

    What a cop out. Busey has been paid handsomely for his overrated talent and with a little brains, could have invested his money with his long-range survival in mind. Instead, he takes the easy way out and stiffs his creditors for his stupid spending habits and inability to properly manage his finances.

    February 8, 2012 at 9:54 pm | Report abuse |
  24. jimzcarz

    I still like him best in Gumball Rally "WooooooooHoooooooooo whippin it up on two wheels" with a beer in his hand...perfect..

    February 8, 2012 at 9:52 pm | Report abuse |
  25. Anonymous

    Gary Busey's mortician does an excellent job.

    February 8, 2012 at 9:47 pm | Report abuse |
  26. Elwood

    I was flipping through the channels last year and landed on celebrity apprentice just as Meatloaf was dropping a full nuke verbal beat down on Gary. Something about stealing his paints. Gary just stood there with his mouth hanging open looking cross-medicated during the entire Meatloaf meltdown. I'm not a big reality show fan but I could watch a whole season with those two locked in house together.

    February 8, 2012 at 9:46 pm | Report abuse |
    • cab

      ROFL – yes, it was over paint tubes! Meatloaf meltdown? I thought he was going to have a heart attack cuz of Gary, several different times!

      May 17, 2012 at 1:44 am | Report abuse |
  27. Zenomorph

    What an idiot.

    February 8, 2012 at 9:42 pm | Report abuse |
  28. jimbo

    How come stars have the good luck to file chapter 7 when people like myself (laid off) have to pay back a portion of my debts through chapter 13? The federal court of bankruptcy in Seattle does not allow chapter 7.

    February 8, 2012 at 9:39 pm | Report abuse |
  29. bbstacker7072

    Yeah, along with that fresh start he screws everybody he owes. What a dead beat.

    February 8, 2012 at 9:34 pm | Report abuse |
  30. ann west

    🌀 Too bad they didn't repossess his teeth😁

    February 8, 2012 at 9:27 pm | Report abuse |
  31. AH88

    Typical American get deep in debt then walk away.

    Because of this no talent moron we have a helmet law in Nazi Pelosi land (Calif). He and that other idiot Billy Idol crashed their rolling lawn mowers (Harley's) within months of each other and next thing we know the Democraps sneaked in a helmet law. Hope this idiot spends the rest of his miserable life living on cat food.

    February 8, 2012 at 9:27 pm | Report abuse |
  32. Arthur

    the drugs were just getting too expensive....

    February 8, 2012 at 9:27 pm | Report abuse |
  33. Gawd

    That's ok Gary. The rest of us don't mind paying for all of your partying.

    February 8, 2012 at 9:25 pm | Report abuse |
  34. Dana

    My net worth is higher than Gary's and I don't look like Frankenstein!

    February 8, 2012 at 9:17 pm | Report abuse |
  35. Dana

    Oh great. He reproduced.

    February 8, 2012 at 9:13 pm | Report abuse |
  36. Dan

    Now the rest of us have to pay this loser's bills.

    February 8, 2012 at 9:12 pm | Report abuse |
  37. Tony

    Why all the hating on Gary? What he ever do to any of you? Like many in the entertainment business he made some poor choices and his medical bills after that near fatal accident were no doubt huge so bankruptcy is the best option for him. Good luck and better days Gary you were great as Angelo in Point Break!

    February 8, 2012 at 9:09 pm | Report abuse |
  38. Buckhippo

    I almost dialed 911 when I saw his picture. I nearly died. Seriously. Dead. Gone. And. For. What?!

    February 8, 2012 at 9:07 pm | Report abuse |
  39. Ed Connor

    Is this newsworthy?

    February 8, 2012 at 9:07 pm | Report abuse |
  40. bolobolo66

    What did Gary Busey do with all his money? Did he put his money in his nose?

    February 8, 2012 at 9:01 pm | Report abuse |
  41. TallPaul

    Responsibility? What ever happens to the politicains after their choices get us into such messes. Nothing. They get big pensions and perks for the rest of their lives. What happens to any big American corporation when they fire 30,000 people and move their operation to a Communist nation. Nothing, They and their stockholders just get richer. Poor Gary has had a terrible accident and most of you want to kick him while he is down. Find something real to complain about!

    February 8, 2012 at 9:01 pm | Report abuse |
  42. Brian Paone

    So... how long until is fired up?

    February 8, 2012 at 9:00 pm | Report abuse |
  43. scranton

    Actors! No surprise, drama majors are dumber than dirt and cannot manage money.

    February 8, 2012 at 8:49 pm | Report abuse |
  44. Deebo

    I love America!
    There will always be an acting position available for someone with a monster head.

    February 8, 2012 at 8:48 pm | Report abuse |
  45. ok

    total tweaker!

    February 8, 2012 at 8:47 pm | Report abuse |
  46. inewt

    Odd and horridly ironic, he looks like he's getting ready for a role portraying Stephen Hawking, all he needs is the chair and his hair done.

    February 8, 2012 at 8:45 pm | Report abuse |
  47. chickee

    Back in the 70s when Gary filmed the Buddy Holly Story....A very good friend of mine played
    Eddie Cochran, He sand Johnny Be Good in the movie, They also dubbed in his guitar work in the movie in wich Gary got an emmy for...Never giving any credit to the late Jerry Zaremba! PUNK!

    February 8, 2012 at 8:45 pm | Report abuse |
  48. Bonne

    I might point out, as a bankruptcy lawyer, that the Chapter 11 reorganizations filed by the big businesses mentioned above are far different then the Chapter 7 liquidation filed by Mr. Busey.

    February 8, 2012 at 8:43 pm | Report abuse |
    • Dan

      True. That was his rep trying to put a positive spin on it.

      February 8, 2012 at 9:15 pm | Report abuse |
    • MarcV

      Please explain how Gary Busey qualifies for Chapter 7? The income and asset restrictions on 7 are such that most people are now forced into Chapter 13 where they must payback a % of the debt over 5 years. Why is he not held to that standard?

      February 10, 2012 at 2:14 pm | Report abuse |
  49. DaveX

    Huh! Though Busey has often been the butt of jokes I've made - I am oddly moved by TB and other's comments. Screw it! Good luck, Gary! I hope it all works out for ya!

    February 8, 2012 at 8:41 pm | Report abuse |
  50. Rapp

    What a wonderful world we live in... spend our way into massive debt and then leave the poor sobs holding the bag when we file for bankruptcy. Whatever happened to taking responsibility for the messes we get in to?

    February 8, 2012 at 8:38 pm | Report abuse |
    • Unplugged

      Such sympathy. You get into an accident, suffer brain damage and then you can post your holier than God posts.

      February 8, 2012 at 8:53 pm | Report abuse |
  51. Paul

    The SCARY thing is the ACCIDENT HELPED him.....he was MUCH worse BEFORE the accident!


    February 8, 2012 at 8:36 pm | Report abuse |
  52. TB

    To all of you who show kindness to Gary Busey in your comments – thank you. I know you are genuine caring individuals not only with Gary Busey, but with most everyone as you go through life. I appreciate you.

    February 8, 2012 at 8:33 pm | Report abuse |
  53. Motley07

    Gary's injuries were from a motorcycle accident. He wasn't wearing a helmet. After his recovery, he was still adamantly opposed to motorcycle helmet laws. That was dumb but, I guess the laws of physics don't apply to him.

    February 8, 2012 at 8:31 pm | Report abuse |
    • Harv

      Helmets are gay. Gary recognizes this and I, I applaud him for his steadfast determinations. Our politicians could learn from him and his actions of standing behind a decision and sticking to it.

      February 8, 2012 at 9:23 pm | Report abuse |
  54. K Lee

    "Utah, Gimme two!!"

    February 8, 2012 at 8:26 pm | Report abuse |
  55. LouiseBelinda

    DKS, you make a good point. We are so quick to judge, yet we do not want judgment. Plenty of times, we forget what we talk about because we do not use thinking when we talk. I remember Gary’s accident and it is unfortunate that his life went so far down. I am going to hold a good thought for him because he is a fellow human soul and needs all the help we can give him. If those who have taken advantage of the system because of greed can have a way out, then whatever it takes to help Gary get back on his feet he deserves. Best of blessing to you Gary and to the people who still love you, I wish you all well.

    February 8, 2012 at 8:25 pm | Report abuse |
  56. Dorkus

    Is he a Republican? If so, we the taxpayers need to bail him out, he may come in handy at election time. If he's a Democrat, run him out of the country before he gets the chance to apply for welfare. We can't afford to carry the poor in this country any longer.

    February 8, 2012 at 8:24 pm | Report abuse |
    • Rachel

      Dorkus, you are an ignorant FOOL. Not to mention, a pathetic greedy pig.

      February 10, 2012 at 2:27 pm | Report abuse |
  57. Mike

    Oh blah, blah, blah...

    February 8, 2012 at 8:23 pm | Report abuse |
  58. DEREK

    Holy jumped-up bald-headed Jesus palomino!!

    February 8, 2012 at 8:19 pm | Report abuse |
  59. Joey The Retard

    Maybe somebody should send him a box of Omaha Steaks, with a free kite. If you watched this loser on The Apprentice, then you'll get it.

    February 8, 2012 at 8:15 pm | Report abuse |
    • Ja-coffalot

      good one, I don't get the reference, but it sounds very funny

      February 8, 2012 at 8:44 pm | Report abuse |
  60. Pee Wee Herman

    Lets see......he is 67 with less than $50K in assets and he wants to make a fresh start on his career. All righteeeeeeeeee.

    February 8, 2012 at 8:12 pm | Report abuse |
    • Greg

      SOUNDS LIKE A winner,not a quitter,life is for living,rock on Gary...

      February 8, 2012 at 9:18 pm | Report abuse |
  61. fcuk

    He's garbage.

    February 8, 2012 at 8:11 pm | Report abuse |
  62. Morgan

    I've always liked Gary and his movies. He seems like a bright person. I wish him all the luck.

    February 8, 2012 at 8:09 pm | Report abuse |
  63. BigSancho

    BigSancho Says: Amazing how lawyers could spin the word Bankruptcy

    February 8, 2012 at 8:07 pm | Report abuse |
  64. dybo

    He has not been mentally right since his auto accident. Listen to him talk and you can tell he isn't playing with a full deck.

    February 8, 2012 at 8:07 pm | Report abuse |
    • Unplugged

      Motorcycle accident is what occurred, not auto.

      February 8, 2012 at 8:50 pm | Report abuse |
    • Automobile = "Self" "Movable" applies to motorcycles

      The word automobile comes, via the French automobile from the Ancient Greek word αὐτός (autós, "self") and the Latin mobilis ("movable"); meaning a vehicle that moves itself. The alternative name car is believed to originate from the Latin word carrus or carrum ("wheeled vehicle"), or the Middle English word carre ("cart") (from Old North French), in turn these are said to have originated from the Gaulish word karros (a Gallic Chariot)

      February 8, 2012 at 9:04 pm | Report abuse |
  65. DKS

    no on realizes or remembers that gary had a serious accident and had severe brain damage. it is amazing he is even alive and functioning at all, let alone able to talk and walk and breathe on his own. i too suffered from an accident and had brain damage and have gone through and continue to go through the recovery process. all of his mannerisms, tics, and behavior issues are related to the accident. why does everyone think it is ok to pick on this person ? give him a break. if you want research his accident and recovery, just google him. llike the millions of us who are recovering from brain damage, i solute his strength. and good for him for attempting to even have a relationship and family. and good for her for accepting him for who he is now, not what he was in the past before his accident.

    February 8, 2012 at 8:04 pm | Report abuse |
    • ibrad

      Thank you,that was nice. He will always be Buddy Holly to me !

      February 8, 2012 at 9:09 pm | Report abuse |
    • greg

      thank you dks for adding some sanity ,we all screw up,it's the one's who don't and live squeaky clean lives,at the end of their lives realize why they held back,Gary lives,this is not a setback for a guy like this,great comment DKS...

      February 8, 2012 at 9:16 pm | Report abuse |
    • tim

      and what a fantastic actor. He was great in the Buddy Holly Story

      February 8, 2012 at 9:41 pm | Report abuse |
    • tim

      and what a fantastic actor. He was great in the Buddy Holly Story and many others

      February 8, 2012 at 9:42 pm | Report abuse |
    • kim

      That's the problem with so many Americans of today. They are so judgemental and cruel!! Noone cares what shoes the fellow American is walking in. No compassion for anyone anymore. What's the matter with people??

      February 9, 2012 at 8:56 am | Report abuse |
    • Rachel

      Wow, DKS! Do you actually know him?? You're so lucky to have a personal connection with Gary Busey!

      February 10, 2012 at 2:25 pm | Report abuse |
  66. Tm Tebow

    That guy looks like John Elway

    February 8, 2012 at 7:57 pm | Report abuse |
  67. Jeff

    What a loser

    February 8, 2012 at 7:54 pm | Report abuse |
    • TRRS

      Yeah, such a loser that he was on TV, he's famous and you aint nothing, but a hater hahahaha

      February 8, 2012 at 8:35 pm | Report abuse |
    • Will S

      He might be famous, but my net worth is higher...and I'm not even close to 67.

      February 8, 2012 at 8:54 pm | Report abuse |
    • Rye_

      Who cares about your net worth? What have you done with your life?

      February 8, 2012 at 9:24 pm | Report abuse |
    • Tad Gromley

      Will S you may have a higher net worth right now but I bet he still has more earning potential.

      February 8, 2012 at 9:27 pm | Report abuse |
    • Jason

      Umm..keep in mind that its $50k in assets, not net worth. Assets = Liabilities + Net Worth. What this guy has is "negative equity" if $50k in assets and millions in debt.

      February 8, 2012 at 9:35 pm | Report abuse |
    • Dave Davey

      Situation isn't too bad at a mil in debt. Other crack heads owe much more.

      February 8, 2012 at 9:39 pm | Report abuse |
    • Dave

      Looks and sounds like most of you are living your lives thru him.

      February 8, 2012 at 9:58 pm | Report abuse |
  68. Steve

    Soulmate = Bimbo

    February 8, 2012 at 6:14 pm | Report abuse |
  69. Richard Fore

    Haha, that poor chick picked the wrong movie star to hook up with. I bet she would like to watch me kick my ball like a lollipop!

    February 8, 2012 at 6:13 pm | Report abuse |
    • Aaron

      Very Sad hope he bounces back hard times for all of us. Stay clear minded re build.

      February 8, 2012 at 9:17 pm | Report abuse |
    • Dave Davey

      I I bet you she doesn't.

      February 8, 2012 at 9:37 pm | Report abuse |
    • Charlie Sheen

      Times are tough for all of us. Glad to hear Busey's got something more valuable than money to tide him over.

      February 8, 2012 at 10:00 pm | Report abuse |
    • oldguy

      Richard. I don't understand your comment. Watch you what your what like a what?

      February 8, 2012 at 10:13 pm | Report abuse |
    • Guest

      The rest of us dont get up to our eyeballs in debt
      I really have no sympathy for someone who has been a star and blew it all.
      I reserve my sympathy for those who never had a chance to start,not those who had it and wasted it all.
      I say If you ever succeed and blow it like that you suck,and dont deserve the sympathy of people like us who can barely afford healthcare and basic necessities

      February 9, 2012 at 7:41 am | Report abuse |
    • kim

      That's disgusting!

      February 9, 2012 at 8:49 am | Report abuse |
    • Big Number

      That'll be the day when his solvency dies

      February 9, 2012 at 9:37 am | Report abuse |
    • RusTnuts

      Took him 30 years to p i s s it all away huh...that sounds about right. By the way Gary, just a heads up...that blond on your arm will be leaving any day now too now that your cash flow has ceased.

      February 9, 2012 at 6:22 pm | Report abuse |

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