Gary Busey has filed for Chapter 7 bankruptcy in California to gain, what the Academy-award nominated actor's rep calls, a fresh start.

Busey, whose list of credits goes back to 1968 and includes work in "Gunsmoke," a remake of "A Star Is Born," and his Oscar-nominated title role in "The Buddy Holly Story," claims fewer than $50,000 in assets while owing from $500,000 to $1 million to creditors, CNN reported this week.

"As with many great American institutions, (i.e., General Motors, American Airlines), and others who have utilized the strategic business plan of bankruptcy, Gary's filing is the final chapter in a process that began a few years ago of jettisoning the litter of past unfortunate choices, associations, circumstances, and events," his unnamed representative said.

He added this would enable Busey to open "a new and clear path toward peace, happiness, and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."