Movie star Gary Busey announced today that he was filing Chapter 7 bankruptcy. In the bankruptcy court papers it stated the actor had less than $50,000 in assets and debts as much as $1 million. Over the years, Busey has starred in many movies, with most recently taking part in Celebrity Wife Swap and the hit show The Celebrity Apprentice. Recent work was still not enough to keep the star away from a bankruptcy filing.
A statement from the star’s manager said that filing bankruptcy was the final chapter in a process of getting his affairs in order after past poor choices and circumstances that came upon the actor. The manager also called Busey’s bankruptcy filing a liking to a great American institution such as General Motors and American Airlines. He further stated, as with many great American institutions like, General Motors, American Airlines and many others who have utilized the strategic business tool called bankruptcy, Gary Busey’s bankruptcy filing is the final chapter in a process that began a few years ago due to past unfortunate choices.
Many stars over the years have been faced with filing bankruptcy, because of bad financial choices. The list of famous people filing bankruptcy is almost endless including, Gary Coleman, Burt Reynolds, Jerry Lee Lewis, Donald Trump and even athletes like Lenny Dykstra and Lawrence Taylor. Many child stars have ended up broke after making bad investments and burning through all their earnings. The reasons used for filing for bankruptcy are similar to those of ordinary folks like a bad economy, making bad investments, getting caught in a scam or for medical reasons. Basically, a bankruptcy filing can happen to just about anyone.