Eccentric actor Gary Busey files for bankruptcy

Quirky, some say crazy, actor Gary Busey, who has starred in over 70 films filed for Chapter 7 bankruptcy in a California court Tuesday, according to TMZ.  Busey, 67, appeared on Celebrity Apprentice with Donald Trump.

If a bankruptcy attorney suggests a Chapter 7 filing the indebted individual will have to liquidate their assets to satisfy creditors. Many unsecured debts can be legally discharged; however student loans and property taxes must still be paid.

According to the court documents obtained by TMZ, Busey listed $50,000 in assets with debts estimated to be $500,000 to $1 million. In the document Busey listed the entities he owes money to which includes the IRS, various lawyers, UCLA Medical Center, Wells Fargo, LA Waterworks Districts and a storage company.

Busey told the celebrity gossip site “that he might owe money to woman named Carla Loeffler.” Busey was in Utah last May to attend the Tulsa Charity Fight Night event and Loeffler alleges that Busey attacked her in the Tulsa airport. She is reportedly listed among the debts Busey owes.

In these tough economic times a trip to a bankruptcy lawyer may be inevitable to individuals who are drowning in debt. Bankruptcy courts allow a person the opportunity to shed their debts and make a fresh start.

Making a decision to file for bankruptcy can be difficult but a consultation with a bankruptcy attorney will demonstrate the benefits of declaring bankruptcy.