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After Consumer Bankruptcy, Actor Still Battles Money Problems

Law Office of Ronald V. De Caprio Dec. 12, 2014

Residents of Rockland may know Burt Reynolds from movies like “Smokey and the Bandit,” “Deliverance” and “Boogie Nights.” The ever-popular showman has been involved in a long list of big screen productions over the last five decades. Despite his enduring popularity and ubiquitous presence on television and in film, Reynolds has encountered serious financial troubles over the years that even led him to file for consumer bankruptcy.

After divorcing his wife and fellow actor Loni Anderson in 1993, Reynolds filed for bankruptcy in 1996 and had the matter closed more than ten years later. Unfortunately, bankruptcy did not resolve all of his financial problems. Reynolds was recently in the news again for choosing to sell off items of personal property even as he faces foreclosure proceedings.

Through a Las Vegas casino and with the help of an auctioning house, Reynolds will offer up items of his own belongings to the highest bidders who attend the event. The auction may help the financially struggling actor raise money. He currently stands to lose a luxury home that he owns in Florida.

The five-bedroom home has been on the real estate market for around five years and has been priced as high as $8 million. About three years ago, foreclosure proceedings were initiated against the property, as the lending bank alleged Reynolds had not made any payments on it since 2010. It is likely that Reynolds has not been able to fully recover from the initial financial challenges that led him into bankruptcy, as he now faces these new economic struggles.

The amount of money that Reynolds has made and lost over the years is probably unimaginable to some Rockland residents, but his struggles to stay in the financial black are very relevant to many. Divorces, accidents and a myriad of other events can throw financially stable individuals into monetary turmoil. As Reynolds holds his auction to raise money, others may relate to his story and begin investigating practical and legal remedies to improve their own struggling finances.

Source: Fox 411, “Burt Reynolds auctioning off items amid money woes,” Nov. 28, 2014