Michigan readers may be aware of the recent emergence from bankruptcy by actor Gary Busey. Busey is well-known for his roles in "Lethal Weapon" and "Point Blank," as well as recent appearances on reality television shows. The financial troubles facing the actor have been widely publicized following his bankruptcy filing in Feb. 2012. That process is now complete, and Busey has emerged with the vast majority of his consumer debt discharged.
Busey claimed more than $50,000 in debts owed to creditors such as medical providers, banks and utility companies. Those debts were discharged through his bankruptcy filing. However, the actor still faces a difficult financial road ahead, as he owes more than $450,000 in state and federal taxes.
Now that Busey is free from collections efforts associated with his consumer debt he can begin to tackle his tax issues. Just as bankruptcy can alleviate debt, there are processes through which an outstanding tax burden can be lessened or adjusted. It is not reported whether the actor plans to challenge the amount owed or pursue a repayment strategy to clear him of tax debt.
While many Michigan residents do not face debt issues at this level, financial problems can affect virtually anyone, regardless of their level of wealth. Once one's outstanding debts surpass the ability to pay, the scales are tipped and action must be taken. A personal bankruptcy filing can lead to the discharge of a majority of consumer debt, allowing an individual to move forward with a plan to achieve financial stability in the coming years.
Source: International Business Times, "Busey Massive Debt: Gary Busey Emerges From Bankruptcy," Valli Meenakshi Ramanathan, Dec. 3, 2012