(TMZ) Gary Busey officially closed his bankruptcy case this month but despite wiping over $50k in debt from his name -- he's still in the hole OVER $450,000.
According to legal docs, Busey -- who filed for Chapter 7 back in February claiming he owed over $500k to creditors -- was discharged from his bankruptcy on November 26.
As part of the deal ... Busey got to keep all his assets (all $26k worth of them) and was able to free himself of $57,303.63 worth of debt to various creditors ... like banks, utility companies and doctors.
But the good news stops there ... because according to docs Gary still owes $451,297.33 in state and federal taxes, which are NOT eligible to be cleared.
And we reached out to Gary, who tells us, "When you have too much, it's a good feeling to let go. My new hobby is just breaking even." more on this story