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from www.dailymail.co.uk – Entourage star Gary Busey has filed for bankruptcy.

The 67-year-old actor submitted documents in California yesterday, according to celebrity website TMZ.

Despite starring in more than 70 movies over his career, the actor has less than $50,000 to his name and owes more than $500,000 in various debts, the court papers show.

The actor has filed for Chapter 7 bankruptcy – also known as straight bankruptcy.

It is the quickest and simplest form available under U.S. law.

Busey’s documents indicate he has less than $50,000 in assets and he ticked the box showing he owes between $500,000 and $1,00,000.

He owes money to various organisations – including the IRS, the UCLA Medical Center, bank Wells Fargo, LA County Waterworks Districts and a storage company.

Busey also notes he may owe money to Carla Loeffler, who sued the actor last year for allegedly attacking her at Tulsa Airport in Oklahoma.

The actor received an Academy Award nomination for Best Actor in 1978 for his role in The Buddy Holly Story.

He also had notables roles in the 1991 movie Point Break and Lethal Weapon (1987).

But more recently, Busey has resorted to appearances on reality television and low budget movies.

He starred on Celebrity Apprentice last year and he and partner Steffanie Sampson [also pictured] featured on Celebrity Wife Swap last month.

In May 2010, the couple had their first child together – a son Luke.