Cynthia Bailey & Peter Thomas - 2013 Cover

Financial problems are nothing new for Peter Thomas but “The Real Housewives of Atlanta” husband was, apparently, in more debt than fans assumed last year because a new report claims that he tried to file for bankruptcy and that he even owed his wife, Cynthia Bailey, several thousand dollars.

As “RHOA” fans know, Thomas saw his Uptown bar go under during his first season on the show, with Bailey complaining that she lost the money she sank into the business. And during the latest season of the show, Thomas was struggling to keep his new Bar One afloat over unpaid rent.

According to Reality Tea, things got so bad last year that Bar One filed for Chapter 11 bankruptcy, which would expunge the bar’s debts, owing over $322,000k to various creditors including the IRS and his wife.

At the time, Bar One’s assets were only $61,000 but they owed $32,000 to the IRS, $118,000 to the State of Georgia for taxes, a slew of other debts, and $60,000 to Thomas, himself, for personal monies he invested in the business and was using to cover its operating costs.

However, court documents reveal that $40,000 of that money to Thomas was borrowed from Bailey. In 2012, Bailey loaned $60,000 to help open up the bar, which he paid back. However, Thomas had to re-borrow $40,000 to help keep the bar afloat.

In his bankruptcy petition, Thomas claimed that the bars monthly expenses were $100,000 but the place, during one month alone, only earned $1,500. Unfortunately for Thomas, the trustee moved to have the bankruptcy dismissed and it was eventually denied by a judge, leaving the bar liable for all of its debt, according to MediaTakeOut.

However, Thomas now claims that the bar is doing fine, although there are difficulties with the lease because the owner of the building is in foreclosure. Thomas is currently trying to buy the property, but because the bankruptcy is showing up on his credit he’s finding it difficult to acquire the building.

Clearly the money problems weren’t as damaging to Thomas and Bailey’s marriage last year as they initially were when the couple first made their reality TV debut — that or the couple learned to keep some of their marital drama hidden. In any case, we hope Thomas can get himself and his bar out of that massive debt. – nicholas robinson

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Nicholas Robinson

I'm a lover of quirks and writing compelling pieces for my readers.

  • Whatever

    why is he “owing” money to his WIFE? if they are married, you don’t “owe” money to your spouse, you are one aren’t you???

    • publicist

      No. That is not true. You can borrow money from a spouse. You probably have not been married

    • http://www.shamontiel.com/ Shamontiel

      If they have two separate bank accounts, he can owe her money. If they both agreed on a pre-nup, then he can owe her money. Two reasons marriages fail the most are money and infidelity. Sometimes keeping money separate is the best way to go, or at least having a neutral account for both parties to take funds from. Anyway, I think Peter already said he signed a pre-nup so their money is already separate.

  • http://www.shamontiel.com/ Shamontiel

    I like the way this article is written. There are solid facts instead of a “source said.” There’s not a lot of ridicule about their marriage being in shambles. Gossip blogs LOVE to instigate the potential for divorce. And it ended on an up note. This is why I like Rolling Out.