By John Clark
Actor Gary Busey has closed the book on his Chapter 7 bankruptcy case, but the International Business Times reports that he still owes a significant amount of tax debts.
If Chapter 7 filers meet a very narrow range of requirements, they may be able to discharge some income taxes in bankruptcy, but tax debts often survive the bankruptcy process.
Still, as Gary Busey recently discovered, discharging other debts in bankruptcy can potentially free up funds to repay the government.
Gary Busey Discharges $50,000 in Debt in Chapter 7 Bankruptcy
Busey, who has starred in films such as ?Lethal Weapon? and ?Point Break,? filed for bankruptcy a few months ago after finding himself in a deep financial hole.
Despite a recent appearance on the reality television show, ?Celebrity Apprentice,? Busey?s income was no match for his rapidly rising level of debt.
Thanks to his Chapter 7 filing, sources say that Busey was able to discharge more than $50,000 in debt, which is a significant amount of relief for anyone, much less a man at a financial breaking point.
The cleared debt includes money owed to several banks, utility companies, and doctors, according to sources. In addition, Busey was able to keep all of his assets, which are reportedly worth roughly $26,000.
In a recent conversation with reporters, Busey cryptically pronounced that ?[w]hen you have too much, it?s a good feeling to let go.? He also told sources that his ?new hobby is just breaking even.?
Busey Still Owes Hundreds of Thousands of Dollars in Taxes
Despite Busey?s optimism, sources are quick to note that the actor, famous for his roles as high-strung action heroes, still owes about $450,000 in state and federal taxes.
Again, some unpaid income taxes may be discharged in bankruptcy, but they must be relatively old, and they cannot be the product of fraud or other misrepresentations.
The discharge of Busey?s bank and medical debt does give him some more flexibility as he attempts to pay down his massive tax debts.
And the discharge of these other debts explains why Busey is so optimistic. According to Busey?s manager, Ron Sampson, the actor believes that filing for Chapter 7 bankruptcy allowed him to find a ?new and clear path to personal and career success.?
Indeed, the 68-year-old actor does seem to have a promising new path to financial freedom, but it may take some time for him to settle his debts with the tax authorities.
the Pirate Bay Hotel Transylvania looper eagles nfl schedule 2012 Fox News Suicide Google
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন