Editing Burt Reynolds (section)

===Personal bankruptcy===
During the height of his movie career, Reynolds made as much as $10 million a year. However, he proved to be a poor businessman.

Along with music industry executive [[Buddy Killen]], who produced his 1973 [[country and western music|country and western]]/[[easy listening music|easy listening]] [[sound recording|album]] ''[[Ask Me What I Am]]'', Reynolds invested in [[Po' Folks (restaurant)|Po' Folks]], a Southern regional restaurant chain named after a [[Bill Anderson (singer)|Bill Anderson]] song. As Po' Folks failed, Reynolds and Killen invested in another regional chain, Daisy's Diner, which also failed. Reynolds had invested the capital as an individual, not as a corporate investment, and was responsible personally for the liabilities when Po' Folks and the Daisy's Diner failed. In all, his investments in the [[Restaurants|restaurant industry]] resulted in losses of $20 million.<ref name="Vanity Fair 2016" />

Reynolds suffered a steep decrease of his career earnings after the cancellation of ''[[Evening Shade]]'', as his popularity waned due to bad publicity from his divorce from [[Loni Anderson]], which became [[Tabloid journalism|tabloid]] fodder. His decrease of earnings as an actor plus the great expense of his divorce settlement, child support and alimony payments to Anderson caused a cash depletion by the mid-1990s.<ref name="Vanity Fair 2016" />

[[CBS]], the network that produced ''Evening Shade'' and managed the program's syndication, sued him for failing to repay a $3.7 million loan in 1996.<ref name="Vanity Fair 2016" /> Subsequently, he filed for [[Chapter 11, Title 11, United States Code|Chapter 11]] bankruptcy, due in part to an extravagant lifestyle, a divorce from [[Loni Anderson]] and failed investments in restaurant chains.<ref>Laura J. Margulies (2008), "[http://www.law-margulies.com/CM/BankruptcyArticles/BankruptcyArticles3.asp Famous Bankruptcies]" ({{webarchive|url=https://web.archive.org/web/20130330001759/http://www.law-margulies.com/CM/BankruptcyArticles/BankruptcyArticles3.asp |date=March 30, 2013}}).</ref><ref name=EW>Gary Eng Walk (October 7, 1998), "[http://www.ew.com/ew/article/0,,83772,00.html Burt Reynolds closes the book on Chapter 11] {{Webarchive|url=https://web.archive.org/web/20081207020333/http://www.ew.com/ew/article/0,,83772,00.html |date=December 7, 2008 }}", ''Entertainment Weekly''</ref>  Reynolds emerged from bankruptcy two years later.<ref name=abc />

During his bankruptcy proceedings, Reynolds listed $6.65 million in assets against debts totaling $11.2 million.<ref name="Vanity Fair 2016" />

On August 16, 2011, [[Merrill Lynch]] Credit Corporation filed foreclosure papers, claiming Reynolds owed US$1.2 million on his home in [[Hobe Sound, Florida]].<ref>{{cite news|title=Burt Reynolds faces being thrown out of home|url=https://www.telegraph.co.uk/news/celebritynews/8705621/Burt-Reynolds-faces-being-thrown-out-of-home.html|archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/news/celebritynews/8705621/Burt-Reynolds-faces-being-thrown-out-of-home.html|archive-date=January 10, 2022|url-access=subscription|url-status=live|newspaper=The Telegraph|date=August 16, 2011}}{{cbignore}}</ref>

Until its sale during bankruptcy,<ref>{{cite news|last=Lipka|first=Mitch|title=Burt Reynolds Needs Deliverance|url=http://articles.sun-sentinel.com/1998-04-03/news/9804020478_1_reynolds-personal-bankruptcy-reynolds-film-million-dollars|access-date=April 28, 2014|newspaper=Sun-Sentinel|date=April 3, 1998|archive-date=April 29, 2014|archive-url=https://web.archive.org/web/20140429080119/http://articles.sun-sentinel.com/1998-04-03/news/9804020478_1_reynolds-personal-bankruptcy-reynolds-film-million-dollars|url-status=dead}}</ref> he owned the Burt Reynolds Ranch, where scenes for ''Smokey and the Bandit'' were filmed and which once had a petting zoo. In April 2014, the 153-acre (62&nbsp;ha) rural property was rezoned for residential use and the [[Palm Beach County, Florida|Palm Beach County]] school system was empowered to sell it, which it did to the residential developer [[Hovnanian Enterprises|K. Hovnanian Homes]].<ref>{{cite news|last=Capozzi|first=Joe|title=Old Burt Reynolds Ranch: Changes OK'd to allow 30-home development|url=http://www.palmbeachpost.com/news/news/state-regional-govt-politics/old-burt-reynolds-ranch-changes-okd-to-allow-30-ho/nfj3T/|access-date=April 28, 2014|newspaper=Palm Beach Post|date=April 28, 2014}}</ref>