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Is Burt Reynolds preparing for bankruptcy?

For Orlando residents who occasionally spot celebrities in town, the lifestyle of the rich and famous can look appealing and downright fun. With lots of cash and possessions on hand it can appear that celebrities have no reason to have any concerns in the world. This is not always the case, however, and one popular celebrity may currently be facing financial troubles of his own.

Hollywood star Burt Reynolds recently sold off many of his personal possessions in an auction. Though Reynolds claimed that the sale was simply to share items of property and movie memorabilia with his fans, some speculate that the star is in need of money to cope with lasting financial problems. His divorce from actress Loni Anderson has left lingering spousal support challenges and it is reported that the actor also invested in several poor financial opportunities.

Reynolds has faced financial problems in the past. He has once previously filed for bankruptcy and has seen one of his homes right here in Florida foreclosed-on and turned into a development. It is possible that, with lasting money troubles and a history of financial mismanagement, Reynolds may once again be preparing for bankruptcy.

Individuals struggling to pay their bills and to make ends meet may relate to this situation, regardless of their own income level or past financial mistakes. Some may be compelled to sell off items of personal property in an effort to make quick cash to satisfy their loans and creditors. However, to get ahead of real financial challenges many people have to take substantial steps toward obtaining debt relief. Bankruptcy can be a viable option for individuals who need to bring change to their lives and stability to their financial health.

Source: The Washington Post, "Burt Reynolds auctioning off a lifetime of glittery memorabilia," Fred Barbash, Dec. 12, 2014

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