The last few years have been tough economically. Some people lost their jobs while others lost money in the stock market. Sometimes even people who might be viewed as well off need to file for bankruptcy. One example: Actor Gary Busey recently filed for chapter 7 bankruptcy protection.

The 67-year-old actor, who has appeared in films such as "Lethal Weapon," made the move after what is described as a years-long process of getting his affairs in order, according to Reuters.

The actor lists about $50,000 in assets, but somewhere from $500,000 to $1 million in liabilities. He cites a number of people and companies he might be liable to, including a medical center, a storage facility, the IRS, Wells Fargo, and a woman who sued him last year for tackling her at an airport.

Busey's manager released a statement saying that the move was a way to resolve the actor's "past unfortunate choices, associations, events and circumstances," Reuters says. The actor is hoping for a fresh start with his "new soul mate" and their son, the statement says.

Generally, people do not lose assets when they file for chapter 7. Most people who file are able to keep their home, possessions, cars and retirement savings. It also enables people to shed unsecure debts, including medical bills and credit card bills.

Like many people in Ohio and across the U.S., filing for chapter 7 bankruptcy could help Busey start clean after years of difficulty paying his bills.

Source: Reuters, "Gary Busey bankruptcy shocker: Actor files for Chapter 7 protection," Tim Kenneally, Feb. 9, 2012