Actor Gary Busey has filed for bankruptcy, claiming that he has less than $50,000 in assets.

Busey, whose acting credits include "Point Break," "The Buddy Holly Story," and various TV appearances, owes approximately $500,000 in personal debt. Papers filed in court do not give a reason for the filing, but Busey's manager stated that he is working on "a new and clear path" to success.

After a whirlwind career, Busey appeared on the second season of "Celebrity Rehab with Dr. Drew." He has had numerous arrests for assaults and cocaine possession, which led Dr. Drew to encourage him to see a psychiatrist. Busey had suffered a traumatic head injury after a motorcycle accident in which he was not wearing a helmet.

Psychiatrist Charles Sophy stated that the injury may have had a more serious impact on his social behavior, causing him to act impulsively. He gained a reputation in Hollywood for being outrageous and has played up the part on several shows including "Two and a Half Men," "Entourage" and "The Comedy Central Roast of Larry the Cable Guy."

He recently traded wives with Pastor Ted Haggard in an episode of "Celebrity Wife Swap." In a confusing moment, Haggard's wife asked Busey if he attended church; Busey replied, "I am church." According to reports, Busey identifies as Christian but takes part in many different religious rites. He and girlfriend Steffanie Sampson have one child, son Luke, who is two years old.

Busey's manager offered this statement as the reason for his filing. "As with many great institutions, i.e. General Motors, American Airlines, and many others who have utilized the strategic business tool called bankruptcy, Gay Busey's filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, events and circumstances that visited themselves upon this great American icon."

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