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Actor Gary Busey files for chapter 7 bankruptcy

Actor Gary Busey has reportedly filed for bankruptcy after falling into financial distress. The 67-year-old star of TV and movies, including "Lethal Weapon," is seeking a fresh start under chapter 7 of the bankruptcy code. Busey reportedly is burdened with debts in the $500,000 to $1 million range, but only has assets amounting to $50,000 or less.

Cincinnati bankruptcy lawyers know that under current bankruptcy laws, filers generally must submit documents showing assets and income, which may affect whether a debtor can file under chapter 7 or chapter 13 in a typical personal bankruptcy case. The law includes a "means test," which is a formula that helps to determine whether a bankruptcy filer has an income that is above or below the median income for the state where the petitioner resides.

For the actor, court documents show that Busey owes money to various creditors, which include medical creditors, at least one bank and potentially a woman who is suing Busey for an alleged incident at an airport.

Busey's publicist said in a statement that the actor is seeking the fresh start through bankruptcy to overcome past circumstances that placed the actor into financial distress. The 67-year-old actor is raising a son with his girlfriend and hopes that filing for bankruptcy will enable him to start on a fresh path to peace, happiness and success with his career and family.

Generally, chapter 7 bankruptcies are available for certain debtors to seek a discharge of unsecured debt, which most often include credit card and medical debt. An experienced bankruptcy lawyer can review an individual situation and provide financially distressed Ohio residents with information about what options may be available under the nation's bankruptcy laws.

Source: Reuters, "Gary Busey Bankruptcy Shocker: Actor Files for Chapter 7 Protection," Tim Kenneally, Feb. 9, 2012

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