Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesGary Busey’s reported 2012 bankruptcy is the clearest documented reason his wealth has been described as below $1 million: contemporary coverage said he listed under $50,000 in assets against $500,000 to $1 million in debts. A later summary of his bankruptcy schedules reported $26,225 in assets and $508,600.96 in liabilities. Those are historical figures, not a current balance sheet. Celebrity Net Worth now estimates his net worth at $300,000, but that is a third-party estimate, not a verified disclosure of his present finances.
What the under-$1-million figure actually means
The $300,000 figure comes from Celebrity Net Worth, whose profile was last updated September 23, 2026. It is an estimate, not an audited statement or a figure Busey disclosed in court. The most concrete public financial snapshot cited in coverage is his 2012 Chapter 7 bankruptcy filing, and it cannot establish what he owns or owes today.
That distinction matters: net worth is assets minus liabilities. A reported income stream, a long acting career, or a website estimate alone does not show how much wealth someone has retained. Celebrity Net Worth’s profile provides the estimate and career overview.
What Busey’s 2012 bankruptcy filing reported
CBS News reported in February 2012 that Busey’s filing listed less than $50,000 in assets and between $500,000 and $1 million in debt. Its account named the IRS, lawyers, UCLA Medical Center, Wells Fargo, and a storage company among creditors. CBS News reported the filing on February 8, 2012.
#1 Best Overall
A more detailed account by attorney Ryan C. Wood, published February 28, 2012, summarized schedules filed in the case. Wood reported $26,225 in assets and $508,600.96 in liabilities. His figures are a secondary summary of the filed schedules, rather than a court record independently reviewed here. Wood’s summary of the schedules also reported that Busey listed no real estate and included residual income from television and film work among his assets.
Taxes were the largest reported liability
Wood’s summary put the combined IRS and California Franchise Tax Board liabilities at $451,297.33, for tax years 1998 through 2009. That was the largest specific category identified in the figures he reported. The remaining listed liabilities help explain why the total exceeded half a million dollars, but the available accounts do not establish the later status or resolution of each debt.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
How income could coexist with insolvency
The schedules summarized by Wood reported monthly income from several sources: $14,808.08 from acting, $4,021 in Screen Actors Guild and AFTRA pensions, $770 from Social Security, and $131.63 in residuals. Yet the reported monthly expenses exceeded income by about $2,939. The listed expenses included business costs, rent, childcare, taxes, life insurance, and storage.
These numbers describe a monthly cash-flow snapshot, not wealth accumulation over an entire career. Income is money coming in over time; net worth reflects assets compared with debts. When expenses exceed income, ongoing work can still leave someone unable to build assets or meet liabilities. Wood’s account supports that explanation for the situation reported in the schedules, not a claim about Busey’s finances now.
What Busey’s representatives said about the filing
At the time, manager Ron Sampson told CBS the bankruptcy offered Busey “a new and clear path” to personal and career success. Publicist Michael Conley gave ABC News a broader explanation, comparing the filing to companies’ use of bankruptcy as a strategic business plan and describing it as the end of a process involving past choices and circumstances. These were representatives’ public characterizations, not a detailed accounting of how the debts arose.
CBS noted that the filing did not provide a definitive reason. The reported tax liabilities and monthly deficit offer concrete financial context, but the sources do not prove that one event or personal circumstance caused all of Busey’s financial problems. ABC News covered the filing and Conley’s statement on February 8, 2012.
Rank #4
Why a long acting career does not settle the question
Busey has appeared in films including The Buddy Holly Story, Lethal Weapon, Point Break, and Predator 2, as well as later reality television. Those credits establish a long screen career, but they do not reveal lifetime earnings, expenses, ownership interests, debts, or assets retained. They therefore cannot confirm or disprove a present-day net-worth estimate.
Quick Recap
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
What can—and cannot—be concluded
- Supported: Busey filed for Chapter 7 bankruptcy in 2012, and contemporary reporting described debts substantially greater than reported assets.
- Supported by a secondary schedule summary: Wood reported $26,225 in assets, $508,600.96 in liabilities, and about $451,297 in tax liabilities.
- Not established by these figures: Busey’s exact current net worth, present income or debt, or the outcome of every liability.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →
