One of America’s favorite eccentric B-list celebrity’s filed for chapter 7 bankruptcy in California. I am of course talking about Gary Busey who seems to have wasted away all of his income over the years on who knows what. As somebody who works with people who file for bankruptcy all the time, I think it would be interesting to take a look at Mr. Busey’s bankruptcy filing to analyze just what happened to all of the income he has earned over the years. When a person files for bankruptcy they must list all of their assets and all of their debts as well as any transfers of property made in the year prior to filing. Mr. Busey apparently only listed $50,000 in assets on his bankruptcy which makes me wonder what has happened to all of his earnings he has made throughout his career. Whenever I turn on the TV it seems that some reality show with washed a up celebrity in it, he is there. Some of his recent appearances have been on the Celebrity Apprentice, Celebrity Wife Swap along with his own show I’m With Busey. One of the more interesting debts listed in Busey’s bankruptcy, in which he lists debts owed of between $500,000-$1M, is a debt owed to a woman whom Busey allegedly tackled in a Tulsa airport. I’m thinking that this debt may not be dischargeable if it was found that Mr. Busey intentionally tackled her and there were criminal charges involved. This is because debts owed due to criminal activity or from intentional torts may not be dischargeable in bankruptcy.
It is possible that Mr. Busey, like many people has been hit hard by the current economy that we live in and probably made a series of bad investments as many celebrity’s often do. Nevertheless, add Mr. Busey to the list of celebrity’s who have filed for bankruptcy.
If you have additional questions whether you may be a candidate to file for bankruptcy, give Symmes Law Group a call today at 206-682-7975
