'Real Housewives Of Atlanta' Season 7 Cast 2014: Cynthia Bailey's Husband Files For Bankruptcy, Owes Her $40,000 [VIDEO]
As fans wait for the upcoming season of The Real Housewives of Atlanta, it has been revealed that Cynthia Bailey and her husband Peter Thomas still face money issues.
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Reality Tea reported Tuesday that Thomas filed for Chapter 11 bankruptcy under his sports lounge, Bar One back in 2013.
The company owed more than $322,000 to various creditors like the IRS, which he owed $32,000. It is also in debt to the State of Georgia for unpaid taxes and other expenses that come in at the price tag of $118,000. On top of that, BarOne is in debt to Thomas himself in the amount of $60,000 after he invested money into it to pay to maintain it.
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He claimed that his total assets were only worth $61,000. But the real twist is that he also borrowed some of the money from his wife. According to the site, Bailey lent Thomas $60,000 back in 2012. While Bar One was able to pay her back, it borrowed an additional $40,000.
According to his bankruptcy request, the establishment only brought in $1,500 for one month. But racked up $100,000 worth of expenses, even though it was still in business.
Still, despite the piling debt, a trustee handling the case has filed a motion to throw out the filing.
It cited, "[BarOne] is unable to pay its bills as they come due. Since the petition date, Debtor has accrued $61, 817.55 in post-petition payables. Debtors post-petition, past-due payables include $17,339.09 owed to the Georgia Department of Revenue for Debtor'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 ended up tossing out Thomas' bankruptcy request.