The Lethal Weapon star filed for bankruptcy in early February (12), revealing he had racked up debts of more than $500,000 (£312,500) and had less than $50,000 (£31,250)-worth of assets to his name.
Now, new documents obtained by TMZ.com, show that 67-year-old Busey, who became a father for the third time to baby Luke in 2010, is spending over $2,000 (£1,250) more than he earns to cover living expenses and daycare for the tot with his girlfriend Steffanie Sampson.
His list of creditors include the UCLA Medical Center, his bank Wells Fargo and his lawyers, while the court papers reveal Busey owes U.S. tax officials $451,000 (£281,875) from money earned between 1998 and 2009.
Actor Gary Busey is to swap partners with evangelical minister Ted Haggard for a new TV show. Busey will spend time with Haggard's wife Gayle, while the minister will play spouse to Busey's girlfriend Steffanie Sampson on Celebrity Wife Swap.
The health emergency came hours after Busey showed off a photo of his "beautiful gift from God" during an appearance on Monday night's (18Apr11) Jimmy Kimmel Live! chat show in America.
The child is Busey's son with his fiancee Steffanie Sampson.
Details of what ails the child have not been released, but TMZ.com reports the tot is expected to be back home by the weekend.
Busey's spokeswoman tells the website, "Gary is very grateful to his fans for their love and support. Steffanie and Gary thank everyone for their get well prayers for Luke."
The scare is a double blow for Busey - the actor was fired from Donald Trump's Celebrity Apprentice TV show on Sunday (17Apr11).
The Lethal Weapon star and his girlfriend Steffanie Sampson, 40, welcomed a baby boy named Luke Samson Busey on Tuesday morning (23Feb10).
Confirming the news in a statement to U.S. news show Entertainment Tonight, the happy couple says, "This feels like a dream. We feel so blessed and are overwhelmed with happiness at Luke's arrival."
The new arrival is Busey's third child - he is dad to actor son Jake and daughter Alectra, from previous relationships.
The Lethal Weapon star and his girlfriend Steffanie Sampson will welcome a baby boy they plan to call Luke in the New Year (10), according to Busey's agent and attorney Vicki Roberts.
She tells People.com, "He feels awesome about it, he's excited and thrilled and can't wait."
Sampson is seven months pregnant.
The new arrival will be Busey's third child - he has an actor son Jake and daughter Alectra, from previous relationships.
Just a week after editors at Moviefone.com voted the actor the unsexiest star in Hollywood, Busey has revealed his 35-year-old actress girlfriend Stephanie Sampson is expecting his third child.
The actor made the announcement to photographers on the red carpet at the premiere of Crazy Heart on Wednesday (9Dec09).
Busey has two children, actor son Jake and daughter Alectra, from previous relationships.