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Gary Busey Files for Bankruptcy

Actor Gary Busey arrives at the premiere of "Crazy Heart" in Beverly Hills, California on December 8, 2009. AFP PHOTO / GABRIEL BOUYS (Photo credit should read 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.

Photo: Gabriel Bouys/AFP/Getty Images