Gary Busey Passes Debt Management Course During His ...

The Tulsa World, the newspaper of choice in Gary Busey?s Oklahoma hometown, has been following the celebrity?s bankruptcy filing very closely for a few weeks, and his journey through bankruptcy court offers helpful lessons for future filers.

This week, Busey completed an online financial management course that was required by federal bankruptcy laws.

Now, Busey has an opportunity to relieve some or all of his unsecured debts through Chapter 7 bankruptcy, the favored form of debt relief for people with limited assets.

Gary Busey Trudges Through Chapter 7 Bankruptcy

According to the Tulsa World, Gary Busey is navigating his way successfully through his Chapter 7 bankruptcy filing:

• Debt management course. Most bankruptcy courts require filers to pass some sort of debt management class before their bankruptcy is discharged. Many filers gain real benefit from these courses, which help them keep their finances in order after bankruptcy. In Busey?s case, TMZ.com reports that the actor passed his online financial management course with ?flying colors.?
• Busey?s bankruptcy. Sources indicate that Gary Busey filed for bankruptcy in Los Angeles a few weeks ago. In his petition, he claimed that he owed more than $500,000 in various debts, but only held $26,225 worth of assets. These assets, oddly, included two teepees, an old bull?s head, several hundred old VHS tapes, and a pair of old moccasins.
• Pending lawsuit. Busey is also under extra financial pressure due to a lawsuit by Carla Loeffler, who claims that the actor attacked her last spring in a Tulsa airport. The lawsuit is pending, but sources suggest that an unfavorable verdict for Busey could cost him thousands of dollars.

So, Gary Busey continues his trip through bankruptcy court, just like a regular citizen with debt concerns. Alas, if only regular citizens had access to royalties from several feature films.

Debt Management Courses in Bankruptcy

As mentioned above, bankruptcy courts try to provide debt relief for the present and for the future by making debt management education a core component of the bankruptcy process.

Thus, filers may be able to discharge some of their debts, like medical debt or credit card bills, and also learn how to prevent the accumulation of debt in the future.

In addition, these courses are not particularly difficult?in fact, some filers find that they enjoy them. And, even if filers find these classes burdensome, they are only minor hurdle in the path to financial relief through bankruptcy.

Source: http://www.clearbankruptcy.com/blog/gary-busey-passes-debt-management-course-during-his-bankruptcy/

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