ATLANTA — It was a major win for Pinky Cole as a judge ordered creditors to turn over a home they seized from the Slutty Vegan restaurant founder.
“I feel relieved that the court gave me authority to reclaim my property,” Cole told Channel 2’s Audrey Washington on Thursday afternoon.
As we reported previously, Cole filed for Chapter 11 bankruptcy in February.
According to court filings, Cole owes $1.2 million to the U.S. Small Business Administration and $192,000 to the Georgia Department of Revenue.
“There are several reasons why people file for bankruptcy. The most important one is to get back to status quo. Usually, when something is happening, like a foreclosure or a lawsuit, so filing bankruptcy will stop all of that,” attorney Schuyler Elliott said.
But recently, creditor Guardian Asset Management seized a Loganville home owned by Cole.
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Washington was the only reporter in the federal courtroom on Thursday as Cole’s attorney argued that Guardian’s actions “violated the automatic stay and that Guardian must return the property to the debtor.”
The judge agreed and ordered that the locks be changed and the property be turned back over to Cole.
“I really do hope that this is a lesson to creditors who brazenly violate the automatic stay and harm debtors because this was not right. But I feel vindicated, and I’m happy to have my property back into my possession,” Cole said. “I’m just happy to get back what is mine, so today is a good day.”
According to bankruptcy experts, Cole’s attorneys are expected to present a bankruptcy plan to the court in the coming days.
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