Last month, we reported that well-known sports agent Leigh Steinberg had filed for Chapter 7 bankruptcy protection, and it appears another celebrity has followed in his footsteps. Recently, Gary Busey filed for Chapter 7 bankruptcy after a representative for the actor cited a series of poor choices, associations and events that led him into debt.

The 67-year-old says he has less than $50,000 in assets and as much as $1 million in debt. According to documents, Busey owes money to the Internal Revenue Service, attorneys, UCLA Medical Center, Wells Fargo and an unnamed storage company.

This latest bankruptcy filing is evidence that even celebrities can run into difficult situations that lead them into debt. Fortunately, through Chapter 7 bankruptcy an individual may be able to eliminate all of their debt and be given a fresh start.

When an individual files for Chapter 7 bankruptcy, their debt can be eliminated in a matter of months. In addition, people may be able to hold on to valuable property, such as cars and homes.

Whether you are a movie star or an average American, the recession has had an impact on nearly everyone. It has left people unemployed and unable to pay their bills. For some, a medical emergency may have left them with mountains of debt. Fortunately, there are places to turn for help.

People living in Pennsylvania who are struggling to pay off their debts may find it beneficial to consult with an experienced bankruptcy attorney. An attorney can help an individual determine what the best course of action might be and get them back on track.

Source: CBS News, "Gary Busey files for bankruptcy," Lauren Moraski, Feb. 8, 2012