Eddie Montgomery, one half of country duo Montgomery Gentry, closed out 2013 by filing for individual bankruptcy.

The singer listed $13.4 million in liabilities and $1.9 million in assets on Tuesday (Dec. 31), and according to the Herald-Leader, his massive amount of debt stems from millions owed on his failed restaurant, Eddie Montgomery's Steakhouse in Harrodsburg, Ky.

Montgomery and his wife, Tracy Nunan, opened the restaurant in 2009; they have since divorced.

"Due to his divorce and the restaurant closure, Mr. Montgomery filed for Chapter 7 relief to address these ongoing issues," the country artist's attorney, Jamie Harris of DelCotto Law Group in Lexington, explains. "It is very common with individuals dealing with divorce and business closure to have to seek out bankruptcy relief."

The sale of the restaurant is scheduled to be sold in a master commissioner's sale Jan. 10, with the proceeds being used to pay nearly $12.7 million in default loans to Central Bank & Trust of Lexington. Montgomery guaranteed the business loans, and the bankruptcy filing lists almost $8.4 million in claims, many related to the restaurant.

Additionally, a house on 273 acres in Boyle County co-owned by Montgomery and Nunan is listed for sale by Justice Real Estate for $1.25 million.

Although Montgomery has an extremely difficult personal financial situation on his hands, his band never fails to please country fans, exemplified by their rocking performance at the 2013 Taste of Country Music Festival. Montgomery Gentry is also slated to perform at the 2014 Headwaters Country Jam.

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