The Lethal Weapon star, who has been struggling with financial problems in recent years, declared he was broke in February (12), claiming he owed more than $500,000 (£312,500) to various creditors, including banks and medical facilities.
He struck a deal with court officials and was allowed to keep his assets, amounting to $26,000 (£16,250), as long as he enrolled in a money management course.
Busey completed the classes, and on 26 November (12) he was discharged from his bankruptcy.
However, the veteran actor is still in financial trouble - according to TMZ.com, he owes America's Internal Revenue Service $451,297.33 (£282,060.83) in unpaid taxes, which were not eligible to be cleared through bankruptcy.
But Busey, 68, doesn't appear to be too worried about the tax debt. He tells TMZ, "When you have too much, it's a good feeling to let go. My new hobby is just breaking even."