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Gary Busey

I Got 300 VHS Tapes to My Name

... and 5 Pairs of Moccasins

2/16/2012 8:05 AM PST BY TMZ STAFF

0215_gary_busey_EX_01
Gary Busey
has virtually no money left from his once-thriving Hollywood career -- but he has amassed an impressive collection of worthless junk ... including a bounty of cassette tapes and broken instruments ... this according to new docs obtained by TMZ.

TMZ broke the story ... Busey recently filed for Chapter 7 bankruptcy ... and according to new docs Gary filed in federal bankruptcy court, Gary says he owes $508,600.96 in various debts.

According to the docs, Busey claims his main creditor is Uncle Sam ... admitting he stiffed the government out of $451k in state and federal taxes from 1998 to 2009.

Problem is ... Gary claims he only has $26,225 in personal assets ... including $1,200 in various bank accounts and a $7,000 security deposit with his landlord. Gary then lists EVERYTHING he owns ... including:

Entertainment -- 2 tvs, DVD player, old large tape recorder, small tape recorder, boom box, bookends, 50 hardback books, 100 compact discs, 300 VHS tapes, 100 DVDs, 200 cassette tapes.

Art -- painting of an Indian, old bull's head, 5 pairs of old moccasins, 2 small decorative teepees, 4 clay vases, Indian style bowls, small figurine of bald eagle, old bows and arrows.

More Native American Stuff -- Fabric strap with an attached eagle talon, beaded necklace with an attached arrowhead, bolero necklace with black and white ying/yang pendant.

Random Crap -- broken pellet gun, Rollerblades, 2 old surf boards, boogie board, old mountain bike, old Nikon film camera.

Instruments -- electric guitar, Collings SJ acoustic guitar, 12 string Guild acoustic guitar, Fender Stratocaster electric guitar, amplifier, J200 acoustic Gibson guitar, 2 tambourines.

Gary also says he rents a storage unit, in which he keeps old electronics, personal documents, Mother's furniture/piano and old broken drum sets.

In the docs, Gary says he still makes $19,730.71 per month ... but he SPENDS more than $22k per month on things like living expenses and daycare for his newborn son.

Gary's rep tells TMZ, Gary  "is following the example of many successful buisiness people such as Abraham Lincoln, Walt Disney, Donald Trump, Francis Ford Coppola, Larry King, and many more Americans who have also utilized the tool of Bankruptcy to gain a fresh start."

The rep adds, "Remember, the Buseyism for FAILING is: Finding An Important Lesson Inviting Needed Growth."

108 COMMENTS

No Avatar
1.

GambleKarina    

my classmate's mother makes $84 every hour on the internet. She has been fired for 10 months but last month her check was $8514 just working on the internet for a few hours. Read about it on this site View More

919 days ago
2.

samson    

I'll be willing to take that Gibson off your hands! Let me know how to get in touch...

919 days ago
3.

anon.    

He needs to make a budget and lower his expenses.

919 days ago
4.

Dave    

Yeah $19k a month doesn't buy what it used to. Stay tough Gary!

919 days ago
5.

Just say No to drugs... except pot    

How can anybody be expected to live on just $19,730.71 per month?

919 days ago
6.

ScottyJ    

I thought it was 19K a year when I first read it and was all like 'poor guy', but 19K a MONTH?!!

919 days ago
7.

Sonja    

It's hard to feel for anyone who's making $20,000 a month and still says they need to claim bankruptcy.

919 days ago
8.

moxie    

Geez, Gary. You live way beyond your means, obviously. I don't think you can expunge IRS debt, either. And then you have a baby? Geez, Gary...

919 days ago
9.

gitRdun    

If he can't live on over $236K a year there is something wrong with him mentally.

919 days ago
10.

Bird    

My monthly bills come out to be about 3 thousand dollars a month, and I would consider myself to be living comfortably. If he can't afford the high-end house then he needs to move somewhere he CAN afford. Don't live beyond your means, and then complain that you spend more than you make. Most Americans don't make 20 thousand dollars a month, and yet we still manage to get by without amassing half a million in debt. Also, isn't he like 70? Why the hell does he have a newborn baby?

919 days ago
11.

Ajalyn    

Forget the 19 grand a month! His newborn son? So now he's sleeping with the mentally ill? You would have to be to lay down with Busey!

919 days ago
12.

Mabel Leaf    

Crazy like a fox.

919 days ago
13.

Mikey    

Make some painting, fake your own death, then sell the Busey masterpiece paintings on ebay. (under a fake name of course - do i have to think of everything?)

919 days ago
14.

penny    

WHO CARES ????

919 days ago
15.

Kev the Realist    

Boo Hoo Hoo, Hey moron, If you make $19 grond a month and your declaring bankruptcy, you are an idiot. Cut your freekin living expenses. Go live in an apartment for $4k per month and you will have plenty of money left over. Obviously you are just another Hollywood type who is stupid with their money. This is a freekin joke and hopefully the court will NOT grant your petition ( which by the way wont save you from the IRS anyway)and tell you that your bills are your responsibility and go out get a job and stop spending beyond your means, you moron. Your dumb act will only go so far, now its time for justice to bitch slap your pathetic ass. Another Hollywood lowlife trying to milk the system.

919 days ago
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