A number of different events in life can often result in a person going severely into debt. Sometimes a divorce can bring on new debts. Other times out of control credit card debt can lead to a filing. And while these circumstances are surely true for some the thousands of California residents who have filed for bankruptcy, it turns out that even the famous can run into their fair share of financial difficulties too.

Recently, well-known actor Gary Busey filed for Chapter 7 bankruptcy. The "Lethal Weapon" actor, who has appeared in dozens or movies and TV shows, claims to have $50,000 or less in assets, yet somewhere between $500,000 and $1 million in debt. Those debts include owing to Santa Monica UCLA Medical Center, the Internal Revenue Service and a storage company.

After filing for bankruptcy, a statement was released by Busey's manager, claiming that this Chapter 7 bankruptcy filing is a result of some choices, events and circumstances that Busey has gone through in the past. The statement also goes on to state that this filing will allow Busey to start a new path in his life and career.

At this point the exact details of his filing have not been made public. However, with a Chapter 7 bankruptcy, a filer's assets are normally sold off in order to pay back creditors. In this type of filing, some debts may also be discharged through the bankruptcy process. This means that in the end, the filer is able to have a clean financial start without the heavy burden of being in debt.

Source: Reuters, "Gary Busey Bankruptcy Shocker: Actor Files for Chapter 7 Protection," Feb. 9, 2012