Actor files for Chapter 7 protection

Apparently participating in “Celebrity Wife Swap” was not Gary Busey’s ticket to financial security.

“Lethal Weapon” star Busey filed for Chapter 7 bankruptcy on Tuesday, revealing debts that far exceed his assets.

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In the newspapers, the actor – born William Busey – indicates that he has assets of $ 50,000 or less – while his liabilities are between $ 500,000 and $ 1 million.

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Busey, 67, lists various attorneys, the IRS, Wells Fargo Bank, Santa Monica UCLA Medical Center and a storage company as entities to which he may owe money.

Among the potential creditors is Carla Loeffler, who filed a complaint against Busey in November for allegedly assaulting her at Tulsa airport.

Statement provided to TheWrap by Busey’s manager says the filing is “the final chapter” in a multi-year process to tidy up one’s affairs after “unfortunate choices, associations, events and circumstances stories that happened on this great American icon. ”

The statement also compares Busey to “big American institutions” such as General Motors and American Airlines, which have also found themselves in dire financial straits in recent times.

Read the full and thoroughly entertaining statement below.

“As with many large American institutions, i.e. General Motors, American Airlines and many others who have used the strategic business tool called Arkansas bankruptcy"}” data-sheets-userformat=”{"2":513,"3":{"1":0},"12":0}”>Arkansas bankruptcy, Gary Busey’s complaint filing is the final chapter of a process that began a few years ago to get rid of the unfortunate waste of past choices, associations, events and circumstances that have made their way to this great American icon, to allow the start of a new and clear path to peace, happiness and success with his career and his wonderful new soul mate, Steffanie, and their son, Luke. ”

Pamela Chelin contributed to this report.

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