Gary Busey is working to put the past behind him and seek a fresh start, according to his publicist. The 67-year-old actor has filed for Chapter 7 bankruptcy in California.

In his Chapter 7 bankruptcy filing, Busey stated that his assets total less than $50,000. His debts, however, total between $500,000 and $1 million. He owes money to a number of people and entities, possibly including a woman who sued him last year with a claim that he attacked her in an airport. Other creditors include the L.A. County Waterworks Districts, UCLA Medical Center, Wells Fargo and the IRS.

Chapter 7 bankruptcy can offer relief for people who have a significant amount of unsecured debt. Unsecured debt includes credit card debt and medical debt. While most unsecured debt will be wiped out in the Chapter 7 bankruptcy process, exempt property will remain with the debtor. Exempt property includes a vehicle, a home and income.

Busey's publicist emphasized the positive effect the bankruptcy filing will have on his future. Busey, with his girlfriend and their son, is looking forward to a happy and peaceful path. He also wishes to focus on his career.

The publicist pointed out the similarities between Busey and the major American businesses that have recently filed for bankruptcy. General Motors and American Airlines have used the bankruptcy process to attain healthier financial outlooks.

In California and the rest of the country, individuals and businesses have found that the relief provided by bankruptcy gives them a chance to reset their course and steer toward a more rewarding future.

Source: ABC News, "Gary Busey Files For Bankruptcy, Just Like GM?" Susanna Kim, Feb. 8, 2012