Gary Busey files for bankruptcy

As Gary Busey once said, "Do you know what failing stands for? Finding an Important Lesson, Inviting Needed Growth." Well, it looks like it's time for Busey to do some serious growing. The actor, who has starred in over 70 movies throughout his career, has filed for bankruptcy.

According to The Daily Mail, the actor has less than $50,000 to his name and over $500,000 in debts. In court documents, Busey noted that he owes money to various people and organizations, including the IRS, UCLA Medical Center, Wells Fargo, L.A. County Waterworks Districts and a storage company.

Busey was also sued by a woman named Carla Loeffler for allegedly attacking her in an airport earlier in 2011, and could owe money to her on top of his other bills. TMZ, reported that a rep for Busey briefly commented on the Chapter 7 filing.

"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, to enable the start of a new and clear path toward peace, happiness and success with his career and his wonderful new soulmate, Stefanie, and their son Luke," he told TMZ.

Busey has appeared on several reality shows in the past, including Celebrity Wife Swap and two seasons on the VH1 show Celebrity Rehab. Busey has been seen in public recently looking no worse for the wear, and was even filmed by TMZ dancing in a parking lot. In the statement from his publicist, Busey plans to move on from this and continue moving forward with his career, "as with many great American institutions, i.e., General Motors, American Airlines and others."