Joel R. Glucksman
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Country Music Star Eddie Montgomery Files for Bankruptcy
Author: Joel R. Glucksman
Date: January 16, 2014
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Eddie Montgomery shot to fame as half of the country music duo Montgomery Gentry. The pair have released six studio albums – three of which certified platinum – and had more than 20 chart singles.
It appears however that Montgomery has fallen on some hard times, as the singer recently filed for individual bankruptcy. In U.S. bankruptcy court, he listed $13.4 million in liabilities and $1.9 million in assets.
Montgomery had had to put his failed restaurant up for sale – Eddie Montgomery’s Steakhouse, which closed last May and is scheduled to be sold in a master commissioners’ sale on January 10. The proceeds from the sale will be used to pay his near $12.7 million in defaulted loans to Central Bank & Trust of Lexington. The loans were guaranteed by Montgomery, and his bankruptcy filings show around $8.4 million in claims – most related to the restaurant, according to the Lexington Herald-Leader.
Montgomery is also listing his house for sale, which sits on 273 acres of land, for $1.25 million, which will also be used to help pay the debt he owes banks. Two of the major events that led to Montgomery’s bankruptcy were his divorce and the failure of his restaurant, which isn’t uncommon.
- Practices: Bankruptcy & Creditors' Rights
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Country Music Star Eddie Montgomery Files for Bankruptcy
Author: Joel R. Glucksman
Eddie Montgomery shot to fame as half of the country music duo Montgomery Gentry. The pair have released six studio albums – three of which certified platinum – and had more than 20 chart singles.
It appears however that Montgomery has fallen on some hard times, as the singer recently filed for individual bankruptcy. In U.S. bankruptcy court, he listed $13.4 million in liabilities and $1.9 million in assets.
Montgomery had had to put his failed restaurant up for sale – Eddie Montgomery’s Steakhouse, which closed last May and is scheduled to be sold in a master commissioners’ sale on January 10. The proceeds from the sale will be used to pay his near $12.7 million in defaulted loans to Central Bank & Trust of Lexington. The loans were guaranteed by Montgomery, and his bankruptcy filings show around $8.4 million in claims – most related to the restaurant, according to the Lexington Herald-Leader.
Montgomery is also listing his house for sale, which sits on 273 acres of land, for $1.25 million, which will also be used to help pay the debt he owes banks. Two of the major events that led to Montgomery’s bankruptcy were his divorce and the failure of his restaurant, which isn’t uncommon.