Gary Busey Bankruptcy Closed, Actor Still Owes $450,000 to IRS

Gary Busey's bankruptcy case has been settled, but the actor still owes $450,000 to the IRS. He no longer has to pay the $57,303.63 worth of unpaid bills to a host of creditors, but is still on the hook for his tax payments.

Busey has declared that he is determined to turn his life around and settle his bill once and for all.

"When you have too much, it's a good feeling to let go. My new hobby is just breaking even," the actor told TMZ.

"As with many great institutions, i.e. General Motors, American Airlines and many others who have utilized the strategic business tool called bankruptcy, Gary 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," his manager said earlier this year.

One of the things Busey has planned is another stint on "Celebrity Apprentice." That should help him keep his name in the public spotlight and provide some type of income while he works to clear his debt. He is also working on "Matt's Chance," which is scheduled to be released next year.

Busey also reportedly has two more projects that are currently in post-production. And his personal life is improving as well, with a new relationship with Steffanie Sampson, the mother of his son Luke.

His wild behavior and often dangerous antics that earned him a reputation in Hollywood are believed to be the result of a traumatic head injury sustained from a motorcycle accident in which he was not wearing a helmet.

Ever since starring in "The Buddy Holly Story," Busey has had parts in popular movies and on TV shows including "Lethal Weapon," "Law & Order" and "Entourage." He often portrays an exaggerated version of himself performing while antics.