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Gary Busey Files Bankruptcy: Even Celebrities Go Broke

Posted on Feb 09, 2012

On Tuesday, March 7, Gary Busey joined the ranks of Burt Reynolds, Jerry Lee Lewis, Gary Coleman and Lenny Dykstra, by filing for chapter 7 bankruptcy.  The actor has indicated that he has debt somewhere in the $500,000 to $1 million range, to creditors including various lawyers, the IRS, Wells Fargo bank, Santa Monica UCLA Medical Center, and a storage company.  What is truly shocking, however, is that he lists $50,000 or less in assets!

Huh?  This guy is a movie star!  You would think he has lots of assets!  However, this case provides a great example of how bankruptcy can happen to anyone, and that individuals like you and me should therefore not be ashamed to seek its protection.  A statement was released to Reuters by Busey’s rep saying:

"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 that visited themselves upon this great American icon, to enable the start of a new and clear path to peace, happiness and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."

Mr. Busey went through what anyone else would in bad economic times: he sold off assets, drained savings, raided the pension, and reduced himself to very little before realizing that bankruptcy was the only way out.  He, like many other people, did everything he could to avoid it.  But the taxes, medical bills, credit card debt, and the like, were just too unmanageable.

Does this sound like you?  Have you been knocked around by the bad economy here in New Jersey?   Have you gotten sick without medical insurance (or even with insurance)?  Have you tried to live on credit cards while trying to find another job?  If so, use this news as the final proof that it isn’t your fault; it could happen to anyone.  Call my office at 856-432-4113 or contact me through this web site for a free consultation to see if bankruptcy can give you the financial relief you need.

 

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Steven J. Richardson
Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.