Anyone can find themselves in need of debt relief. As insulated from the real world as they may seem, even celebrities are not immune.

For example, actor and television personality Gary Busey has formally filed for Chapter 7 bankruptcy. Busey is reportedly in debt to a diverse assortment of entities, including the IRS, medical facilities, banking institutions, lawyers, and others. According to Busey's manager, there are many reasons for his current financial situation, including "past unfortunate choices, associations, events and circumstances."

What is clear from this situation is that anyone, even celebrities, can find themselves in need of debt relief. Colorado residents suffering from creditor harassment and wage garnishment can learn from this example that filing for bankruptcy may be necessary to relieve financial burdens.

Some of the benefits of filing for Chapter 7 bankruptcy include:

• Preventing property seizures

• Protection from new lawsuits or wage garnishments

• Stopping harassing phone calls

Before being approved to file for Chapter 7 bankruptcy, you will need to take a means test. A means test takes your financial circumstances into account and calculates your capability to make payments on your debt, which will determine if you are eligible to file for Chapter 7 bankruptcy.

While new laws may make the process of filing for Chapter 7 bankruptcy seem out of reach, consulting with a lawyer about your financial situation could help you successfully navigate the process. The filing process can be time-intensive and does require full disclosure of your finances. However, in some situations, the potential benefits can certainly outweigh the temporary sacrifices.

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