In the 1970s, the notion of Burt Reynolds having financial problems was laughable. He was a major box-office draw for years, thanks to starring roles in "Smokey And The Bandit," "The Longest Yard," and "Deliverance." However, his career declined in the 1980s and after a bitter 1993 divorce from actress Loni Anderson, his finances took a major hit from which they never recovered.
Finding himself $10 million in debt, the actor filed for chapter 11 bankruptcy protection in 1996. He attempted a comeback and saw some moderate success, particularly in 1997’s "Boogie Nights." It wasn’t enough to help him get back on his feet, however.
Financial trouble has continued to plague him to this day, and on Aug. 16, 2011, Merrill Lynch filed foreclosure papers against the actor, claiming that he owes $1.2 million in back payments on his Hobe Sound, Fla., home.