By the TMZ Staff
Gary Busey has virtually no money left from his once-thriving Hollywood career -- but he has amassed an impressive collection of worthless junk ... including a bounty of cassette tapes and broken instruments ... this according to new docs obtained by TMZ.
TMZ broke the story ... Busey recently filed for Chapter 7 bankruptcy ... and according to new docs Gary filed in federal bankruptcy court, Gary says he owes $508,600.96 in various debts.
According to the docs, Busey claims his main creditor is Uncle Sam ... admitting he stiffed the government out of $451k in state and federal taxes from 1998 to 2009.
Problem is ... Gary claims he only has $26,225 in personal assets ... including $1,200 in various bank accounts and a $7,000 security deposit with his landlord. Gary then lists EVERYTHING he owns ... including:
Entertainment -- 2 tvs, DVD player, old large tape recorder, small tape recorder, boom box, bookends, 50 hardback books, 100 compact discs, 300 VHS tapes, 100 DVDs, 200 cassette tapes.
Art -- painting of an Indian, old bull's head, 5 pairs of old moccasins, 2 small decorative teepees, 4 clay vases, Indian style bowls, small figurine of bald eagle, old bows and arrows.
More Native American Stuff -- Fabric strap with an attached eagle talon, beaded necklace with an attached arrowhead, bolero necklace with black and white ying/yang pendant.
Random Crap -- broken pellet gun, Rollerblades, 2 old surf boards, boogie board, old mountain bike, old Nikon film camera.
Instruments -- electric guitar, Collings SJ acoustic guitar, 12 string Guild acoustic guitar, Fender Stratocaster electric guitar, amplifier, J200 acoustic Gibson guitar, 2 tambourines.
Gary also says he rents a storage unit, in which he keeps old electronics, personal documents, Mother's furniture/piano and old broken drum sets.
In the docs, Gary says he still makes $19,730.71 per month ... but he SPENDS more than $22k per month on things like living expenses and daycare for his newborn son.
We called Gary for comment -- so far, no word back.
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Originally Posted by Hal-9000
