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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
46.

Nicoleasm    

Gary, you need to shadow the average middle class American for a day to learn how to budget. My mother is a jc Penney manager, my dad works at a plant, and they average a little over 9k a month. My family lives fine. You can go way under that and live comfortably

887 days ago
47.

Karen    

JUST LIKE WHITNEY HOUSTON - you guys keep "reporting" or sensationalizing about the missteps of people when they are at he bottom. This man has BRAIN DAMAGE, but you don't discuss that, instead you show each brain dead move he makes but neglect to report on why he makes those decisions. You make fun of it.

887 days ago
48.

O_o    

tmz - so, where are we at w the "broke a$$ busey fund?"

887 days ago
49.

Scotts    

How does he even qualify for ch. 7? If you make over 58k you gotta go ch. 13.

887 days ago
50.

JiLL1    

Earns $19K a month & all he owns is a bunch of worthless, old junk. What the hell is he blowing his money on, hookers ?

887 days ago
51.

IssaquahMom78    

I feel so sorry for him. How does someone make it on a measly $19,000 per month? Instead of Chapter 7 they should make him file Chapter 13 and MAKE him pay it all back on a no interest payment plan. Give me $19k per month and I'd be willing to try to make it even with supporting 2 households (mine and my mother's). Time for him to pay up and figure out how to maintain a REASONABLE balance. What a dumbass!!

887 days ago
52.

anony    

He still pulls in $19k a month (somehow) but I bet everything he owns on that list is somewhat broken. Like his brain.

887 days ago
53.

laura    

That explains all the stupid local car lot tv spots he is doing in Houston.

887 days ago
54.

Kshel    

I currently do not have a job and all my bills are paid and I don't owe the government. Too bad some people can't live within their means. No pity here

887 days ago
55.

Pino    

I'm not a play-writer, but I have had a great movie idea featuring Winona Ryder and Gary Busey. It's the type of movie designed for both of them to get out of the Movie Business with a Great Memorable Bang in such a way that has never been seen before. To give a hint.. it would scatter and put to rest Winona Ryder's ingenuine typecast role and leave people sorry, wanting more.

887 days ago
56.

MP    

Makes 20K a month, some people survive on that in one year. Maybe McDonald's will hire him. Or he can save on daycare expenses and take care of his child himself.

887 days ago
57.

rosebud    

thats what happens when you spent more then you make,I feel bad for all the people with out jobs ,health insurance and no food in their bellies ,and dont let me forget about all the families that are sleeping in there cars or on park benches,I m sure they wish they had all your junk to sell.

887 days ago
58.

shonnie    

If i had to m, my husband, and our son could live off a little over a grand a month. I laugh at these idiots. Oh I can do blow everyday so Im gonna file. im sure the new borns daycare could be cut. If the mom doesnt work then she should watch the kid. I guess in hollywood you have a kid and expect someone else to take care of it. its not a dog its a child.

887 days ago
59.

OliverBeCareful    

The Bankruptcy Court would do well to check out Busey's holdings in Tulsa, Oklahoma, where his FIRST family lives and where he still has significant ties. Seems to me that his California state-of-being may well be very different than his Oklahoma state-of being. Just sayin' . . .

887 days ago
60.

Tye    

It's probably up his ugly nose.

887 days ago
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