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Actor Gary Busey files for bankruptcy

Gary Busey talks to OnTheRedCarpet.com about 'Celebrity Wife Swap' in January 2012.

February 9, 2012 12:00:00 AM PST
Actor Gary Busey has filed for bankruptcy. Court records show he has mired $500,000 of debt.

The filing on Tuesday states the 67-year-old has less than $50,000 in assets. It provides few details but includes more than a dozen potential creditors.

Busey doesn't state a reason for the filing, but his manager said bankruptcy gives the actor "a new and clear path" to getting his life back on track.

Busey starred in numerous movies like "Point Break," "Lethal Weapon" and "The Firm." Recently, he appeared on reality TV shows, including ABC's "Celebrity Wife Swap."