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.