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Peter Thomas Hit with More Money Problems

Photo Credit: Instagram

Photo Credit: Instagram

By: Amanda Anderson-Niles

Peter Thomas’ troubles as a business man have been well documented thanks to the blogs but now some reports are suggesting his Bar One venture is in so much trouble he actually tried to file for bankruptcy last year. However, his request was denied by the judge but the financials he turned in to the courts prove Cynthia Bailey needs her RHOA check now more than ever.

Reality Tea writes:

Now comes a report that Peter filed for bankruptcy and was borrowing money, again, from wife Cynthia Bailey to keep his business afloat. A report reveals that in 2013, Peter, via BarOne, filed for bankruptcy owing over $322,000k to various creditors including the IRS and his wife! At that time Peter claimed BarOne’s assets were only $61,000k.

According to documents, Bar One filed for Chapter 11, which would expunge their debts. Listed as creditors are $32,000 owed to the IRS, $118,000 to the State of Georgia for taxes, a slew of other debts, and a whopping $60,000 owed to Peter, himself, for personal monies he investing in the business and was using to cover its operating costs.

But here’s the clincher: $40,000 of that money was actually borrowed from Cynthia who invested in the bar. In 2012 Cynthia loaned Peter $60k to open the bar, at one point BarOne repaid her, according to the documents, but then re-borrowed the capital of $40k.

Last summer Peter’s bankruptcy petition claims that in one month the bar earned only $1,500, but expenses were $100,000k. Peter stated that although BarOne was still open and operated, he was not paying bills.

 

 

According to court documents obtained by Media Take Out, Peter’s request for bankruptcy was shot down last September and he has been ordered to pay off all his debts despite only bringing in a little over $1000 one month from Bar One.

Regardless of this news, Peter is still claiming on social media that Bar One is doing well.

Amanda is a TV junkie with a passion for all things reality television. She's from Decatur, GA.

23 Comments

23 Comments

  1. Chelly

    July 23, 2014 at 12:59 pm

    No wonder Cynthia is beefing with NeNe. She needs to. She can’t afford to be boring any more.

    • Anonymous

      July 23, 2014 at 1:08 pm

      Yup!

  2. Peachy

    July 23, 2014 at 1:01 pm

    Peter just isn’t good at running a business. Instead of arguing with people on Twitter, he should take some business classes so he can turn all of this around.

    • Jessica

      July 23, 2014 at 1:22 pm

      Agreed. And that’s what he will do if he’s serious about saving his business.

  3. O-La

    July 23, 2014 at 1:04 pm

    LOL and who’s surprised? Cynthia will be filing for bankruptcy too very soon at this rate. It’s nothing wrong with loaning your spouse money to start a business, but make sure they at least have a solid business plan before you write a check.

  4. Gabriella

    July 23, 2014 at 1:05 pm

    This is so typical. I bet if Peter spent half as much time on his business than being in other people lives his business would be in better shape.

  5. Anonymous

    July 23, 2014 at 1:08 pm

    All of the men on this show are losers.

    • Im Sayin

      July 23, 2014 at 1:11 pm

      Todd is not a loser though. He actually has a great paying career and had one when he met Kandi. I don’t understand why people always try to play him because he makes more money than most people out here talking bad about him and that again is before Kandi.

      • julyol1972

        July 23, 2014 at 2:58 pm

        Agreed. Plus Todd just opened up his own production company. He knows how to make his own money.

  6. Tea

    July 23, 2014 at 1:09 pm

    Peter probably gives his all friends free drinks and he probably spends too much on expenses. He better get it together ASAP before he eats up all that’s left of Cynthia’s money.

  7. Barbee

    July 23, 2014 at 1:25 pm

    Oh goodness. lol.

  8. My 2 Cents

    July 23, 2014 at 1:30 pm

    Chile Peter won’t be happy til they have nothing. He’s too prideful and not business savvy at all.

  9. Victoria

    July 23, 2014 at 1:41 pm

    Peter is being delusional if he can’t see his business is in trouble. He spending more than he earns and that is what causes most businesses to fail.

  10. Anonymous

    July 23, 2014 at 1:54 pm

    Kenya is looking smarter than the rest of these broads each day. Lmao.

    • julyol1972

      July 23, 2014 at 2:56 pm

      I wish y’all stans would crawl out Kenya’s a-s and stop smelling the delusion and bullsh-t! Kenya has nothing of her own…everything is leased by Bravo. And she sleeps with married men who wouldn’t even put her up in a decent hotel when she was kicked out of the rental. How is that remotely smarter than Kandi, Phaedra, or even Nene who’s debuting a clothing line on HSN next Monday?
      You stans are even more delusional than the idiots you worship!

  11. Mal

    July 23, 2014 at 1:58 pm

    Cynthia has let Peter come in and spend up all her money. Dayum!

  12. CiCi

    July 23, 2014 at 2:23 pm

    I was wondering why she wanted so long to finally tell NeNe about herself. It all makes sense now.

  13. NeNe Leakes

    July 23, 2014 at 3:46 pm

    *giggles*

  14. Anonymous

    July 23, 2014 at 4:14 pm

    I knew Peter was going to spend up all her money with this flop business. Smdh.

  15. Anonymous

    July 23, 2014 at 7:05 pm

    Will Peter ever get his ish together?

  16. Anonymous

    July 23, 2014 at 7:22 pm

    He must be great in bed for Cynthia to know this and still be supporting him.

  17. Yoshi

    July 23, 2014 at 10:48 pm

    Typical.

  18. Treasure8430

    July 25, 2014 at 1:39 pm

    Ummmm how the hell is bar only mad $1500 a month….I get paid more than that within a month and I dont own a business I just WORK!!!! WTF….IDK but Cynthia is stupid and Peter is a moocher….every1 including Peter and Cynthia worried about if Todd is using Kandi when Todd has his own and has had his own before Kandi….Cynthia need to worry bout her own damn loser man and why he didn’t have and still doesn’t have now. Man Kandi really should’ve put them in the ultimate check…that would stop folks for tryin to come for u before thinking

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