Gary Busey files for bankruptcy

(CBS) Gary Busey is not doing so well in the financial department. He filed for Chapter 7 bankruptcy on Tuesday, reports TMZ.com.

In papers filed this week, the actor noted he has less than $50,000 and has racked up $500,000-$1,000,000 in debt. Those debts include payment to the IRS, lawyers, UCLA Medical Center, Wells Fargo and a storage company.

Busey's rep told TMZ, "Gary's filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, circumstances, and events."

His manager Ron Sampson said the filing provides Busey "a new and clear path" to personal and career success, according to the Associated Press.

Perhaps Busey, 67, can bring in some cash with the new film he has in the works. According to IMDB, he recently finished filming "Piranha 3DD" with Christopher Lloyd and Ving Rhames. Busey was also slated to appear in a horror film called "Mansion of Blood," but reportedly got booted from the set last summer due to "inappropriate behavior."