Busey Massive Debt: After Declaring Bankruptcy, Actor Still Owes $450K

Even after declaring bankruptcy, actor Gary Busey is still in massive debt. The "Silver Bullet" star no longer has to pay $57,303.63 worth of unpaid bills to a host of creditors, but Busey still owes the IRS $ 451,297.33 in back taxes, according to TMZ.

Bankruptcy does not enable clearance of taxes owed to the government.

In the face of his towering debt, Busey has declared that he's determined to get his life back on track and finally settle his bill.

"When you have too much, it's a good feeling to let go. My new hobby is just breaking even," the 68-year-old 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.

According to TV Guide, Gary Busey filed for Chapter 11 bankruptcy in February 2012. At the time, the actor claimed he had over $500,000 in debt and a little under $50,000 in assets. Busey's manager explained that the filing would give the actor a "new and clear path" to getting his life and career back on the right track.

Busey's massive debt does include a silver lining: the "Point Break" actor is allowed to hold on to $26,000 worth of assets as a result of the bankruptcy deal.

The bankruptcy filing, subsequent write-off, and remaining $450K of debt will likely effect the actor's credit rating.

Busey, who's starred in various blockbuster films over his career such as "Lethal Weapon," and "Buddy Holly," looks to have a plan to begin paying off his mountain of debt. Busey is looking to appear once again on "Celebrity Apprentice," and he is also working on a film called, "Matt's Chance," scheduled to be released in 2013. Busey also reportedly has two more projects that are currently in post-production, according to The Christian Post.

In recent years Busey has been known more for his eccentric, wild behavior on TV shows such as the second season of VH1's "Celebrity Rehab with Dr. Drew," than his theatrical acting. Many point to a traumatic head injury sustained from a motorcycle accident December 4, 1988, when Busey wasn't wearing a helmet, as the reason for his unhinged personality. Busey's skull was fractured and doctors feared he suffered permanent brain damage, according to USA Today.

At the recommendation of Dr. Drew Pinsky, Busey saw psychiatrist Dr. Charles Sophy, who suspected Busey's brain injury had a greater effect on his life than he realized. He described it as essentially weakening his mental "filters" and causing him to speak and act impulsively. Sophy recommended Busey take a medication called Depakote, to which Busey agreed.