Celebrity Bankruptcy

By: Timothy McFarlin | Published: February 16th, 2012 | Category: Bankruptcy

Actor and reality show star Gary Busey has filed for Chapter 7 bankruptcy in California. Aside from listing more than $500,000 in estimated personal debts, and a dozen creditors Busey’s bankruptcy filing leaves few details. Gary is known for his roles in movies such as; “Point Break” and “Lethal Weapon,” but in recent years he has appeared on several reality shows including “Celebrity Apprentice” and “Celebrity Wife Swap.” Although Busey did not state the specific reason for his bankruptcy filing, the 67-year-old is said to have less than $50,000 in assets. Busey’s manager Ron Sampson wrote in a statement that they hope that Gary’s bankruptcy filing will provide him with “a new and clear path” to personal and career success. Some of Busey’s creditors listed in the bankruptcy filing were; the IRS, Wells Fargo bank, Santa Monica UCLA Medical Center, a storage company, and various lawyers.

“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.” Sampson said in a statement about Busey’s bankruptcy filing.

Gary Busey is not the only celebrity who has turned to bankruptcy to get back on track financially. Many celebrities have filed for bankruptcy. Mike Tyson, Stephen Baldwin, and Kim Basinger are a few examples of celebrities who filed for bankruptcy to get their finances in order. Often times, a celebrity will file bankruptcy multiple times. Singer Toni Braxton filed for bankruptcy in 1998, and again in 2010.

Your Los Angeles Bankruptcy Attorney

At McFarlin Law, we offer our bankruptcy clients a no-charge consultation. We pride ourselves at helping our bankruptcy clients get a handle on their overwhelming debts, and start towards a bright new financial future. Contact us today at (888) 728 0044 or email us here.

 

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