Back in February Gary Busey filed for Chapter 7 bankruptcy saying that he owed $500,000 and had no means whatsoever to pay it back. Well the the judge agreed allowing him to keep his staggering $26,000 in personal assets while wiping out about $57,000 that Busey owed to creditors.
Unfortunately the judgement couldn’t erase the $451,000 Busey owes in unpaid taxes.
Get the specific dollar amount to the penny here:
Actually, Gary owes even more in taxes now. When a judge allows you to write off a debt, the IRS considers that virtual income and you have to pay taxes on that amount. Oh cruel world!
Let this be a lesson about the dangers of becoming addicted to tooth whitening strips.
Gary didn’t return our calls (either because his cell phone account has been deactivated or because he couldn’t get a signal at the homeless shelter where he’s staying).