Gary Busey Files for Bankruptcy

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Steffanie Sampson, Gary Busey==2011 MTV Movie Awards - Arrivals==Gibson Amphitheatre, Universal City, CA==June 5, 2011==©Patrick McMullan==Photo - ANDREAS BRANCH/patrickmcmullan.com== Photo: Gabriel Bouys/AFP/Getty Images

Gary Busey has filed for bankruptcy in California, the AP reports. According to the documents, Busey has only $50,000 in assets but more than $500,000 in debts, including money owed to the IRS, banks, the L.A. County Waterworks Districts, and a woman he was accused of assaulting last year, according to TMZ. Maybe this is why he was doing those sad, crummy local car commercials? Busey's been in more than 70 movies, but has more recently been busying himself with much less lucrative endeavors, such as Celebrity Wife Swap.