Gary Busey Closes Bankruptcy Case, Is in Massive Debt

Actor is still in serious financial trouble, owes over $450,000 (€345,303)

By on December 3rd, 2012 09:49 GMT

Gary Busey has a long and colorful track record but, according to a new report, his legal problems are far from over even though the bankruptcy case he opened in February this year just closed: he still is in massive debt.

Busey filed for bankruptcy earlier this year, with reported liabilities between $500,000 (€383,671) and $1 million (€766,930).

The case closed a short while ago, TMZ has learned, but it’s only brought small comfort to the actor, who remains in serious debt.

“According to legal docs, Busey – who filed for Chapter 7 back in February claiming he owed over $500k to creditors – was discharged from his bankruptcy on November 26,” TMZ writes.

“As part of the deal, Busey got to keep all his assets (all $26k [€19,950] worth of them) and was able to free himself of $57,303.63 [€43,971.4] worth of debt to various creditors, like banks, utility companies and doctors,” says the media outlet.

However, the bankruptcy case could not get him out of paying state and federal tax, which amounts to the quite hefty sum of $451,297.33 (€346,299.3).

“Translation: Gary's case is closed – but he's still got MAJOR money problems,” TMZ writes, having a bit of fun pointing out the obvious.

In a statement to the media outlet, the actor acknowledged his financial and legal troubles in a most peculiar fashion, apparently hinting that it was best to be in debt than to have too much money.

“When you have too much, it's a good feeling to let go. My new hobby is just breaking even,” Busey says.

Chances are his creditors and state officials are none too pleased about his new motto.

The 68-year-old, twice divorced actor is now living with his girlfriend Steffanie Sampson. The two have a son, Luke Sampson Busey, who was born in February 2010.

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