Celebrities seem to exist in a world apart from our own. Their lives appear glamorous and luxurious, but such glamour and luxury can come at a cost. Ultimately, celebrities are people, and they can encounter debt just like the rest of us.

"Lethal Weapon" star Gary Busey is living proof that even celebrities are susceptible to poor financial planning. In early February, Busey filed for Chapter 7 bankruptcy stating that his debts greatly exceed his assets.

Reportedly, Busey has roughly $50,000 worth of assets, a mere fraction of the up to $1 million that he reportedly owes various entities. These entities include Wells Fargo, the IRS, medical centers and more.

Chapter 7 bankruptcy is designed to protect the consumer. The hand that fate deals can result in extremely costly expenses. Medical bills can quickly mount and a loss of job can hugely impact an individual's ability to live at the level they have become comfortable with.

In New York, debt does not mean the end, and it does not spell certain disaster. There are laws in place to protect consumers and the road to rebuilding your life starts by knowing your rights.

If you are in a position where you have sustained loss of job or a medical illness and find yourself facing bills that you can't pay, you would do well to seek legal advice. A knowledgeable attorney can stop creditor harassment and guide an individual through the repayment process. After liquidation any remaining debt may be written off and an individual would be free to begin a new life down a path to financial success.

Source: Reuters, "Gary Busey Bankruptcy Shocker: Actor Files for Chapter 7 Protection," Tim Kenneally, Feb. 9, 2012