Gary Busey Gary Busey

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.