Gary Busey Files for Bankruptcy -- Plus Other Celebrities with Past Bankruptcies

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Actor Gary Busey has filed for bankruptcy.

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Actor Gary Busey has filed for bankruptcy.

Veteran actor Gary Busey has filed for bankruptcy, according to court documents released this week. Busey apparently has around half a million dollars in debt that he's hoping to have wiped clean by way of the bankruptcy filing. Court documents also list that the star of "The Buddy Holly Story" has less than $50,000 in personal assets. Busey's attorney said the actor is filing now to start on a " new and clear path" of success.

Busey, recently seen on "Celebrity Apprentice," is certainly not the first or only celebrity to face a personal financial crisis and file for bankruptcy. The lifestyle of a star is one that can easily rack up the bills, and when work stops coming so steadily, those bills can start to pile up. Here now are a few more cases of famous celebrity bankruptcy.

Donald Trump - Despite what his reputation and outward image may imply, Gary's old "boss" on "Celebrity Apprentice" knows a thing or two about bankruptcy. He's filed four times either personally or professionally. Maybe if the lines of communication are still open, Busey and get some advice from Trump?

M.C. Hammer - The story of rapper M.C. Hammer (or Hammer as he was later known) should be a cautionary tale told to all new celebrities. There was a time when Hammer was on the top of the world. His debut album had the smash hit track "U Can't This" which vaulted him into fame and fortune. However, the hits didn't come at a pace that would fund Hammer's infamously expensive taste, and the expenses associated with keeping up his lifestyle eventually forced him into bankruptcy, selling off most of his assets.

Willie Nelson - Willie probably couldn't wait to get on the road again after his 1990 bankruptcy filing. At the time, the IRS asserted that Nelson owed over sixteen million dollars in back taxes. The must have had a pretty optimistic view of the situation, since his next album was entitled "The IRS Tapes: Who'll Buy My Memories?"

Mark Twain - Apparently being the preeminent American satirist and one of history's most beloved authors does not provide unlimited financial security. Twain-whose real name is Samuel Clemens-filed for bankruptcy in 1894 after a series of bad investments left him broke. Luckily for Twain and his family, he was convinced by a friend to transfer the copyrights for his novels to his wife, to avoid his creditors taking them. As a sign that this really was a different era, Twain later repaid all his debts.

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