Actor Gary Busey, who is currently known for his eccentric behavior, is in a tough financial situation. The star has recently filed for Chapter 7 bankruptcy, which was primarily triggered by his monthly living expenses. This case can provide insight for those in Arizona who are also in a precarious financial situation.
Busey filed for Chapter 7 bankruptcy after incurring over $508,000 worth of debt. Most recently, he filed the bankruptcy documents pertaining to his assets and liabilities. The biggest debt Busey holds is $451,000 in unpaid state and federal taxes. In the paperwork, he listed $26,225 in assets, including guitars, 300 VHS tapes, five pairs of old shoes, and a broken pellet gun.
Right now, Busey is earning just under $20,000 in monthly income, but that is not enough to cover living expenses for his family, including care for his infant son.
Although Gary Busey is the brunt of a lot of jokes, his financial situation is serious. Additionally, Busey's financial predicament sheds light on the situation that thousands of Americans are in right now. Oftentimes, it is easy to think that celebrities are immune from everyday problems. This case proves that this is not necessarily true: celebrities are also susceptible to financial trouble.
It's unfortunate that so many people are in the same situation as Busey, but that does not mean their situations are hopeless. There is help for those who need it. If you are in a difficult financial situation, it might be helpful to contact an experienced bankruptcy professional to discuss your options. For some, Chapter 7 bankruptcy is a way to get a fresh start. With the right advice, those nearing bankruptcy can make it through their difficulties and work toward financial stability.
Source: Tulsa World, "Busey files bankruptcy with debts totaling $508,500," Rita Sherrow, Feb. 17, 2012
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