Burt Reynolds bankruptcy 1996, Troubled financial life continues for actor Burt Reynolds. On behalf of Gemma V. Reyes, Attorney at Law posted in personal bankruptcy on Tuesday, August 23, 2011
Back in 1996, actor Burt Reynolds filed for bankruptcy after going through a divorce from actress Loni Anderson. And while it does not seem that the 75-year-old actor has filed for bankruptcy again, some close to the Hollywood star speculate that he may once again have to file in order to take back control over his finances.
According to sources, a foreclosure lawsuit was recently filed against Reynolds who appeared in such movies as "Smokey and the Bandit" and "Cannonball Run." The claim is that the actor has not paid his mortgage since Sept. 1, 2010.
Now, Merrill Lynch Credit Corp. has filed the foreclosure lawsuit, and is asking that Reynolds sell the home in order to pay off his debts, which include a $750,000 second mortgage.
When looking at the estate, Reynolds purchased the home in 1994 with then wife Anderson for $1.5 million. Now the 4-acre waterfront home is valued at $2.4 million.
In the past Reynolds' also attempted to sell the estate by putting the property on the market, however, with an asking price of $8.9 million he received no offers.
Now, aside from the foreclosure lawsuit, those close to the actor also say that his money problems don't end with just what is owed on the estate, as he supposedly does not pay off his bills and owes millions to others.
When looking to the past, aside from the bankruptcy, Reynolds' has also had his fair share of money woes, as he was listed as No. 247 in the state of California for owing taxes that dated all the way back to 1996.
In addition, he may also have some accrued medical debt as he underwent a quintuple bypass surgery, back surgery and rehabilitation for an addiction to painkillers that reportedly stemmed from the back surgery.
Source:bankruptcylawyersanjoseca
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