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Broke Stars: 11 Celebrities Who Went Bankrupt

Gay BuseyCelebrities routinely make vast amounts of money, but a certain subset of stars is practically defined by their inability (for whatever reasons) to live within those enormous means.

The latest famous person to join the ranks of the officially insolvent is Gary Busey, who filed for Chapter 7 bankruptcy last week.

According to TheWrap, the debts owed by the actor and reality television personality "far outweigh" his assets, which total $50,000 or less; Busey's liabilities add up to something between $500,000 and $1 million and include moneys owed to "various lawyers, the IRS, Wells Fargo (WFC) bank, Santa Monica UCLA Medical Center, and a storage company."

Busey, 67, began his show business career as a drummer. He appeared in the television series Gunsmoke and received an Academy Award nomination for his performance as the title character in 1978's The Buddy Holly Story. In late 1988, he was involved in a serious motorcycle accident, sans helmet, sustaining a fractured skull and concomitant brain damage. Busey continued to work throughout the 1990s, but had a series of runs-in with the law, which continued into the 21st century (drugs, public altercations, spousal abuse). Those are reflected in Busey's bankruptcy filing: Among his creditors is Carla Loeffler, who sued him in November "for allegedly tackling her at the Tulsa airport," TheWrap reports.

Busey's manager said in a statement that the filing "is the final chapter in a process" of consolidation and reform for "this great American icon." Past uses of "the strategic business tool called bankruptcy" by "great American institutions" such as General Motors (GM) and American Airlines are mentioned by way of comparison.

In any discussion of Busey's possible status as a great American icon, it's probably worth mentioning his performance in the 2006 Turkish film Valley of the Wolves: Iraq, which portrayed the U.S. occupation of that country as a massive criminal enterprise. Busey played a Jewish doctor who extracts organs from injured Iraqis and sells them to rich Westerners in New York City, London and Tel Aviv. It was, at the time, the most expensive film in Turkish cinematic history. But it seems like Busey couldn't stretch his Turkish lira very far.

He's certainly not alone: Check out DailyFinance's gallery of other celebrities who found themselves using the strategic business tool called bankruptcy.

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Poor rich people. Can we set up a fund to help them out? Have change for a penny?

April 09 2012 at 5:50 AM Report abuse rate up rate down Reply

Busey is amazing, not so much for acting but, he's had nearly continuous work in film.
Even if you have a small part in a film, you still get the "day rate" which is $453.00 a day.
Stars or household names with leading roles get much larger ridiculous salaries....Al-

April 09 2012 at 5:42 AM Report abuse rate up rate down Reply

OK NOW they can be part of the 99% for real. Couldn't happen to a better bunch.
And of course, the taxpayers get to pick up their tab.

April 09 2012 at 5:38 AM Report abuse +1 rate up rate down Reply

Cant feel sorry for any one that blows that kind of money ; /

April 09 2012 at 5:33 AM Report abuse rate up rate down Reply

I guess you FORGOT about The Moron I mean The Donald. Or Ruth Madoff who lived off ill gotten gains but allowed to keep 2m by a "sympathetic" judge. But more importantly you "forgot" AIG and most of the other multi-national corporations whose irresponsible behavior with hundreds of times more assets than any of the misguided souls you hold up for ridicule got "bailed out" since they were "too big to fail."( some of them like Goldman Sachs hadn't even lost any money) Proving that bankruptcy is Precisely that - a strategic business tool. Articles like yours are designed to perpetuate bankruptcy as a social stigma but mostly to the "grassroots people"(suckers) so they are beset by misplaced notions of guilt, while the "Masters of the Universe" literally laugh all the way to the bank. I guess Busey "deserved it" for playing a "role" in a Turkish film you found distasteful. AOL - "Fair and Balanced"

April 09 2012 at 5:27 AM Report abuse +1 rate up rate down Reply
Wolfman Thomas

Gary Busey put his money up his nose

April 09 2012 at 5:25 AM Report abuse rate up rate down Reply
Papa Cats

People live to buy things.. & they want it NOW !!... It's simple mathmatics..If you spend more than you make.. the money will run out !!.. It's just that simple !!!

April 09 2012 at 4:46 AM Report abuse rate up rate down Reply

Our Government says, We're all crazy, they got big raises and making half a million dollars or more a year and there isn't no recession or depression, the economy is doing wonderful, better then anytime in history , There's no reason for anyone to file bankruptcy, be behind in bills, don't own at least 2 new car and have their million dollar house paid off because every crook in office does, so should we. If you think you have it this good now you live in a soap opera world, Obama says things could be a lot worse, vote for him this Nov and he'll show you things can be a lot worse. VOTE EVERY POLITICIAN OUT OF OFFICE THIS YEAR, DEMS AND REPUBLICANS. .

April 09 2012 at 4:30 AM Report abuse +1 rate up rate down Reply
1 reply to lpi2007's comment

Thanks, I will do just that, > Vote all the POLICICIAN OUT BOTH DEMS AND REPUBLICANS, They are only interested in a vote, A bunck of crooks, classified as the laughting stock, and a WASTE, They are all about self, THANKS, for keeping it real, LOVE YOU !!

April 10 2012 at 1:48 PM Report abuse rate up rate down Reply

Who fault is it that they are broke. There own fault and we shouldn't pity them. Use your money for GOOD and don't waste it on foolish things.

April 09 2012 at 4:16 AM Report abuse rate up rate down Reply

Too bad this idiot survived the infamous motorcycle crash he had leaving Bartels HD being a jerk.. Because of him the helmet law was now on the front burner and passed. California riders canthank HIM for this. may he get his ass kicked by a long time biker. I volunteer to be that one.

April 09 2012 at 3:47 AM Report abuse rate up rate down Reply