Gary Busey Bankruptcy Shocker: Actor Files for Chapter 7 Protection

Actor Gary Busey claims $50,000 or less in assets — and up to $1 million in debt

Apparently, taking part in "Celebrity Wife Swap" wasn't Gary Busey's ticket to financial security.

Gary Busey has filed for Chapter 7 bankruptcy protection

"Lethal Weapon" star Busey filed for Chapter 7 bankruptcy Tuesday, revealing debts that far outweigh his assets.

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In the papers, the actor — born William Busey — indicates that he has $50,000 or less in assets — while his liabilities are somewhere in the $500,000 to $1 million range.

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Busey, 67, lists various lawyers, the IRS, Wells Fargo bank, Santa Monica UCLA Medical Center, and a storage company as entities that he might owe money to.

Carla Loeffler, who filed suit against Busey in November for allegedly tackling her at the Tulsa airport, is also listed among potential creditors.

A statement provided to TheWrap by Busey's manager says that the filing is "the final chapter" in a years-long process of getting his affairs in order after "past unfortunate choices, associations, events and circumstances that visited themselves upon this great American icon."

The statement also likens Busey to "great American institutions" such as General Motors and American Airlines, which have also found themselves in difficult financial straits lately.

Read the full, and fully entertaining, statement below.

"As with many great American institutions, i.e., General Motors, American Airlines, and many others who have utilized the strategic business tool called bankruptcy, Gary Busey’s filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, events and circumstances that visited themselves upon this great American icon, to enable the start of a new and clear path to peace, happiness and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."

Pamela Chelin contributed to this report.