The following are recent bankruptcy filings in U.S. District Court in Baltimore.
2952 Wyman Parkway Inc., 2916 Wyman Parkway, Baltimore. Real estate company filed for Chapter 11. Director: Rodney D. Gardner. Assets: $110,000. Liabilities: $40,000.
Paint City Inc. (RD Harmon Inc.), 1517 Eastern Ave., Baltimore. Wholesaler and retailer of paint filed for Chapter 7. Principals: Clara Bozievich and Richard D. Harmon Jr. Assets: $541,484. Liabilities: $794,566.
Wayne S. Silverman (Wayne S. Silverman D.D.S.), 4106 Sanlee Road, Randallstown. Dentist filed for Chapter 13. Assets: N.A. Liabilities: N.A.
Delmarva Drywall Inc., c/o Edward T. Cassidy Jr., 3515 Atlantic Ave., #8, Ocean City. Drywall contractor filed for Chapter 7. Principal: Edward T. Cassidy Jr. Assets: $11,300. Liabilities: $44,778.
Edward Francis Perina Jr. (Stallion D.J.'s), 1558 Reinhardt Lane, Glen Burnie. Disc jockey filed for Chapter 7. Assets: $12,285. Liabilities: $43,449.
John B. Worth and Lisa D. Worth (J. B. Worth & Sons), 5301 Thomas Way, Linkwood. Plumbing company filed for Chapter 7. Assets: $16,322. Liabilities: $118,326.
The following are the most common types of filings under the U.S. Bankruptcy Code.
CHAPTER 7 -- Liquidation. A trustee is appointed to take charge of all the debtor's property, except for certain exceptions allowed in the law. The trustee will sell the remaining property for the benefit of creditors, and unless a creditor objects and is upheld by the court, the debt will be discharged in whole or in part.
CHAPTER 11 -- Reorganization. Available to all individuals or businesses, this chapter is primarily intended to allow an ongoing business to restructure its debt. A successful reorganization depends on filing a plan and obtaining its approval by creditors and the court.
CHAPTER 13 -- Adjustment of debts of an individual with regular income. This chapter provides a method for individual debtors to repay creditors, in full or in part, over a period of up to five years. It ordinarily involves less than $100,000 in unsecured debt and $350,000 in secured debt.