Gary Busey has filed for bankruptcy, a move his rep calls a strategy to help the actor and reality star gain a fresh start.

According to documents filed in California on Tuesday, Busey, 67, has between $50 and $50,000 in assets while owing creditors anywhere between $500,000 and $1 million in debts.

The decision to file Chapter 7 is part of a larger strategy, Busey's rep said.

"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."

Such a move would enable the actor to "start off a new and clear path toward peace, happiness, and success with his career and his wonderful new soulmate, Steffanie, and their son, Luke."