Born in West Palm Beach, FL to a local sheriff, actor Burt Reynolds got his start in the film industry as a stunt man but made a name for himself as an actor in the 1972 hit Deliverance. After this film, Reynolds’ career skyrocketed, and from 1978-to 1982, he was the highest-paid actor in Hollywood.
However, Reynolds’ financial success took a hit after he and a friend were advised to invest in a country-style restaurant chain by Reynolds’ manager. The two bought 30 restaurants across several states, but the chain suffered from mismanagement, causing Reynolds and his friend to lose quite a bit of money. In an attempt to recoup these losses, Reynolds and his friend invested in a different restaurant chain, only to see that investment fail, as well.
Determined to get out of more than $11 million of debt, Reynolds filed for Chapter 11 bankruptcy in 1996 and successfully worked through this process, achieving freedom from debt. If you are struggling with either personal or business debt, bankruptcy can offer you a fresh start as you look to move past this difficult time in your life. Learn more about how bankruptcy could benefit you by contacting Central Texas bankruptcy attorney Erin B. Shank, P.C. Call (254) 690-4110 and let Ms. Shank put her 32 years of experience to work for you.