The restaurant known for its $175 burger announced that it would be filing for Chapter 7 bankruptcy protection this month.

The Wall Street Burger Shoppe, that once held public fascination with its $175 burger, will close its doors soon on the 112-seat shop. This came as a surprise to fans and culinary experts both as the restaurant was opened by Kevin O'Connell, who already has an impressive list of eateries including Pizza Bar, Pop Restaurant and Veranda.

Since O'Connell is the only owner of the Burger Shoppe, after buying out his partner's shares last year, he could not shoulder the financial burden of its losses alone. According to his lawyer, Tanya Dwyer, the restaurant had other financial backers as well who pulled out much earlier when profit returns were not as promised.

The bankruptcy document, filed in New York state, listed assets of $50,000 and liabilities up to $500,000. An initial glance at the document shows that the primary creditors are the New York state Department of Taxation and Finance, and the restaurant's landlord.

Anytime you are thinking about filing for bankruptcy in South Texas, you should take the time to discuss your filing with a South Texas bankruptcy lawyer who can offer advice and guidance. Don't wait to contact our law office to receive direction from a bankruptcy attorney.