Gary Busey

Busey Massive Debt: Actor Still Owes $450K After Bankruptcy

Actor Gary Busey is reportedly in massive debt after declaring bankruptcy, according to TMZ.

Although the closure of his bankruptcy case wiped over $50,000 worth of damage from his debt, Gary Busey is allegedly still up to his neck in back taxes. In fact, the Lethal Weapon star reportedly owes $450,000 to the government.

However, Busey’s massive debt does come with a silver lining. The actor is allowed to keep $26,000 worth of assets as a result of the bankruptcy deal. Exactly $57,303.63 due to such institutions as banks, utility companies, and hospitals have been wiped away. Of course, this may seem like a drop in the proverbial bucket compared to what he owes.

The $451,297.33 worth of back taxes Busey must pay to the state and federal government isn’t going to disappear quite as easily as the rest of his debts.

Although most people wouldn’t take this news lightly, the actor seems to be handling the massive debt quite well.

“When you have too much, it’s a good feeling to let go. My new hobby is just breaking even,” he explained to TMZ.

According to TV Guide, Gary Busey filed for Chapter 11 bankruptcy back in February of this year. At the time, the actor claimed he had over $500,000 in debt and a little under $50,000 in assets. Busey’s manager explained that the filing would give the actor a “new and clear path” to getting his life and career back on the right track.

While Busey may be in massive debt, he still seems to work more often than not. In addition to the upcoming season of Celebrity Apprentice, Busey has appeared on the 2012 sitcom Mr. Box Office with Bill Bellamy and Jon Lovitz.

On the motion picture front, Internet Movie Database lists the actor as being attached to Matt’s Chance, Confessions of a Womanizer with C. Thomas Howell, and director Henry Saine’s Bounty Killer.

Are you surprised that Gary Busey is in massive debt after filing for bankruptcy?