Hopefully 2014 will be a better year for Montgomery Gentry’s Eddie Montgomery. He filed for individual bankruptcy earlier this week listing liabilities of $13.4 million and only $1.9 million in assets.

His debts stem from millions in personal loans he took out for his restaurant, which closed in May. The restaurant will be auctioned off next week in the hope of regaining the nearly $12.7 million in default loans. Eddie’s 273 acre home is also on the market for $1.25 million.