Busey Files For Bankruptcy

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February 8, 2012 | 2:21pm EST

Veteran actor Gary Busey has filed for bankruptcy after racking up debts of more than $500,000 .
The Lethal Weapon star lodged the legal claim in a California court on Tuesday, revealing he has less than $50,000 -worth of assets to his name and owes at least 10 times as much to various creditors, including tax officials, the UCLA Medical Center, his bank Wells Fargo and his lawyers, reports TMZ.com.

Busey is also facing a possible pay out to Carla Loeffler, who sued the 67 year old last year amid allegations he knocked her to the ground during an airport encounter in Oklahoma in May.