Gary Busey has filed for bankruptcy, The Associated Press reports.
The actor, known for his Academy Award-nominated performance in 1978's The Buddy Holly Story (and his hard living), has listed more than $500,000 in personal debts and less than $50,000 in assets.
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Though he did not state a reason for Tuesday's filing in Los Angeles, his manager said that it will provide Busey a "new and clear path" to personal and career success.
In early January, Busey, 67, appeared in an episode of ABC's Celebrity Wife Swap
. He was on the second season of Celebrity Rehab with Dr. Drew
and the fourth season of Celebrity Apprentice
, besides starring in the films Point Break
and Lethal Weapon