Busey's filing on Tuesday in Los Angeles provides few details but includes more than a dozen potential creditors.
The actor and reality show star does not state a reason for the filing. His manager Ron Sampson wrote in a statement the filing provides Busey "a new and clear path" to personal and career success.
The filing states the 67-year-old has less than $50,000 in assets.
Busey has starred in numerous films including "Point Break" and "Lethal Weapon" but has in recent years appeared more on reality shows such as "Celebrity Apprentice."
The filing was first reported Wednesday by celebrity website TMZ.
