Montgomery Gentry 's Eddie Montgomery has filed for chapter 7 bankruptcy protection in Lexington, KY. The singer lists $13.4 million in debts and $1.9 million in assets in the filing due to the abrupt closure of his restaurant, Eddie Montgomery's Steakhouse, last May, the Lexington Herald-Leader reports. According to the paper, Montgomery personally guaranteed the business loans used to launch the restaurant. The Harrodsburg, KY restaurant will be sold in a master commissioner's sale on January 10.
Montgomery's divorce from former wife, Tracy Nunan , also contributed to the bankruptcy filing. His lawyer Jamie Harris says, ""It is very common with individuals dealing with divorce and business closure to have to seek out bankruptcy relief."
Montgomery's home in Boyle County, KY is also on the market for $1.25 million.
Copyright 2014 ABC News Radio