After a string of devastating financial hits, Montgomery Gentry star Eddie Montgomery has filed for bankruptcy.

The Lexington Herald-Leader reports that Montgomery filed for Chapter 7 protection on Tuesday (Dec. 31), listing a staggering $13.4 million in liabilities and just $1.9 million in assets.

Montgomery Gentry shot to stardom with a string of hit songs that include 'My Town,' 'Speed,' 'Gone' and 'Lucky Man.'

Montgomery's financial woes appear to relate mostly to a steakhouse that he and his wife, Tracy Nunan, opened in Harrodsburg, Ky. in 2009. The couple later divorced, and the restaurant became a point of contention in their financial settlement. It closed abruptly in May of 2013, and is scheduled to be auctioned off to help settle $12.7 million in defaulted debts to Central Bank & Trust.

The bank will also take possession of Montgomery's interest in a house on 237 acres in Boyle Country that he owned with his ex-wife. His bankruptcy filing lists $8.4 million in claims, many relating to the failed business, for which Montgomery reportedly personally guaranteed the loans.

"Due to his divorce and the restaurant closure, Mr. Montgomery filed for Chapter 7 relief to address these ongoing issues," the singer's attorney, Jamie Harris, tells the Herald-Leader. "It is very common with individuals dealing with divorce and business closure to have to seek out bankruptcy relief."

Eddie Montgomery has not commented publicly on the matter.