Minion & Sherman
Call Us Today for a Free Confidential Consultation
973-559-5791

Chapter 7 bankruptcy protection sought by Hollywood star

If anyone needs any more proof that the Great Recession has affected all income levels across New Jersey and throughout the country, perhaps it came this past week with news that Hollywood star Gary Busey has filed for bankruptcy protection.

The long-time actor, once nominated for an Oscar for his starring role in "The Buddy Holly Story," filed a Chapter 7 petition on Feb. 7. The 67-year-old actor has listed assets of less than $50,000 against debts totaling up to $1 million. Among the creditors listed were the UCLA Medical Center and the Internal Revenue Service. Additionally, Busey listed a claim filed against him by a woman who accused him of assaulting her in May 2011.

Busey is far from the first well-known person to seek Chapter 7 relief. Individuals generally have a choice between filing for Chapter 13 reorganization or straight bankruptcy liquidation by opting for Chapter 7 protection. The wide disparity between the actor's stated assets and his outstanding liabilities may explain why he apparently chose to file for Chapter 7.

In such proceedings, a trustee is typically appointed by the court to process the matter under its supervision. Assuming that the relevant law and procedure is followed, Busey will likely be able to look forward to a date when he can emerge from bankruptcy. Once that occurs, he will be able to look forward to a return to prosperity absent many of the obligations that had spiraled out of control. Given the financial calamity that many have faced as a result of the ongoing economic crisis in New Jersey and nationally, there is no shame in taking advantage of laws designed to help individuals and families recover from circumstances beyond their control.

Source: New York Daily News, "Gary Busey files for bankruptcy," Feb. 8, 2012

No Comments

Leave a comment
Comment Information

Articles

At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

Email Us For A Response

Contact Us Today for a Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

West Caldwell Office
33 Clinton Road
Suite 105
West Caldwell, NJ 07006

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions

Newark Office
201 Washington Street
Newark, NJ 07102

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions