According to a new report, Real Housewives of Atlanta husband Peter Thomas’ bar filed for bankruptcy last year, stating he owed over 322k to various creditors. HeÂ filed for Chapter 11 bankruptcy claiming he has assets totaling 61k and liabilities totaling 322k. The bar also owed 118k in state taxes, 32k to the IRS, 60k to Peter Thomas for money heÂ put into the business.
MediaTakeOut reports Cynthia Bailey loaned Peter 60k for the bar and he repaid her in late 2012. But then she gave him 40k a year laterÂ to help him again.
According to the court docs obtained by MTO, Thomas states that his restaurant is still open but he hasn’t paid all his bills for the month. He states he made only $1,500 in October 2013, but his expenses were close to 100k.
Then in September, the trustee filed docs asking for the Chapter 11 bankruptcy to be dismissed. The documents stated that Bar One, “is unable to pay its bills as they come due. Since the petition date, Debtor has accrued $61,817.55 in post-petition payables. Debtorâ€™s post-petition, past-due payables include $17,339.09 owed to the Georgia Department of Revenue for Debtorâ€™s tax obligations. Debtor has no apparent ability to generate sufficient cash flow post-petition, the Court is authorized to find that Debtor is experiencing a continuing loss to, the estate within the meaning of 11.”
The judge in the case then sided with the trustee and granted the motion to dismiss the bankruptcy. The case was closed in January. None of the bar’s debts were wiped clean.
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