{"id":416,"date":"2012-02-14T00:54:07","date_gmt":"2012-02-14T00:54:07","guid":{"rendered":"http:\/\/www.westcoastbk.com\/blog\/?p=416"},"modified":"2012-09-12T06:30:49","modified_gmt":"2012-09-12T06:30:49","slug":"bankruptcy-can-happen-to-anyone-even-william-gary-busey","status":"publish","type":"post","link":"https:\/\/www.westcoastbk.com\/blog\/2012\/02\/bankruptcy-can-happen-to-anyone-even-william-gary-busey\/","title":{"rendered":"Bankruptcy Can Happen to Anyone, Even William Gary Busey"},"content":{"rendered":"

By Ryan C. Wood<\/a><\/p>\n

On February 7, 2012, Gary Busey, the well-known actor and television personality filed for bankruptcy protection under Chapter 7 of the Bankruptcy Code.\u00a0 Mr. Busey filed bankruptcy in the Central District of California, Bankruptcy Case No. 12-11182.\u00a0 A common statement our clients make almost daily is, \u201cI never thought I would be filing for bankruptcy.\u201d\u00a0 Well, I am here to tell you it can happen to anyone, just ask Gary Busey.<\/p>\n

How many high profile celebrities or athletes that have made millions of dollars in earnings and filed for bankruptcy protection?\u00a0 I have no idea, but every year there are a few of them.\u00a0 Mr. Busey\u2019s bankruptcy filing is the first of 2012.\u00a0 Mr. Busey filed what is called a skeleton petition.\u00a0 A skeleton petition includes the basic forms necessary to initiate the bankruptcy process.\u00a0 A skeleton petition does not include schedules A \u2013 J, which list the bankruptcy filers assets, income, expenses and debts.\u00a0 Mr. Busey has until February 13, 2012, to complete the bankruptcy petition or the bankruptcy case could be dismissed.\u00a0 Mr. Busey owes money to the following people or entities: Carla Loffler, Cary W. Goldstein, Franchise Tax Board, Glen Alpert, Internal Revenue Service, Law Offices of Barry Fisher, Los Angeles County, Progressive Management System, Robert E. Young, Santa Monica UCLA Medical, Waste Management, Wells Fargo and Westside Storage.<\/p>\n

The voluntary petition lists a range in value of assets from $1 – $50,000 and debts totaling from $500,000 – $1 million.\u00a0 It appears Mr. Busey has a no asset Chapter 7 Bankruptcy.\u00a0 A no asset bankruptcy exists when all assets can be protected by California exemptions and therefore there are no assets transferred to the bankruptcy estate for the benefit of those who are owed money.\u00a0 Exemptions protect assets like vehicles, your stuff and even your home if it has equity.\u00a0 Most of the exemptions have caps or limits as to how much can be protected.\u00a0 Most individual Chapter 7 bankruptcy filings are no asset cases.\u00a0 It is hard to believe that someone like Mr. Busey has less than $50,000 in assets after all the movies and television shows he has appeared in.<\/p>\n

Again, bankruptcy can happen to anyone.\u00a0 It does not matter how much money you make, but how much money you spend.\u00a0 Many athletes have high monthly expenses.\u00a0 Having to pay for multiple vehicles and homes throughout the country adds up quick.\u00a0 Just ask Antoine Walker, formerly a star basketball player for the Boston Celtics.\u00a0 When the checks stop coming in each month upon retirement or a slow year or two in the movies the bills pile up.\u00a0 Nobody really understands until it happens to them though.<\/p>\n

For more information about how bankruptcy can help you become debt free please contact one of our experienced bankruptcy lawyers<\/a> or bankruptcy attorneys in Oakland<\/a> today.<\/p>\n","protected":false},"excerpt":{"rendered":"

On February 7, 2012, Gary Busey, the well-known actor and television personality filed for bankruptcy protection under Chapter 7 of the Bankruptcy Code. Mr. Busey filed bankruptcy in the Central District of California, Bankruptcy Case No. 12-11182. A common statement our clients make almost daily is, \u201cI never thought I would be filing for bankruptcy.\u201d Well, I am here to tell you it can happen to anyone, just ask Gary Busey.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[44],"tags":[],"_links":{"self":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/416"}],"collection":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/comments?post=416"}],"version-history":[{"count":6,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/416\/revisions"}],"predecessor-version":[{"id":710,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/416\/revisions\/710"}],"wp:attachment":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/media?parent=416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/categories?post=416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/tags?post=416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}