The following are recent bankruptcy filings in U.S. District Court in Baltimore.
* Dwain L. Jones and Catherine A Jones, 9445 Riverbrink Court, Laurel. Principals in local delivery service filed for Chapter 7. Assets: $125,461. Liabilities: $346,560.
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* William D. Lutch, 654 Ocean Pines, Berlin. Principal in construction business filed for Chapter 7. Assets: $0-1,000. Liabilities: $360,000-$370,000.
* Jesse James Turner, 1934 Mount Royal Terrace, Baltimore. Principal in construction business filed for Chapter 7. Assets: $6,109. Liabilities: $185,431.
* AM-Con Fashions, Inc., 310 N. Colvin St., Baltimore. Retail/wholesale business filed for Chapter 11. President: Joseph D.Boslego. Assets: $101,252. Liabilities: $356,652.
* William H. Pearson III, 913 Susan Drive, Westminster. Principal in produce business filed for Chapter 13. Assets: under $50,000. Liabilities: under $50,000.
* Vincenzo Pasqualucci, 25 Randall St., Annapolis. Barber shop owner filed for Chapter 11. Assets: $500,000-$999,000. Liabilities: * Burwood Road Associates Limited Partnership, 7954 Baltimore-Annapolis Blvd., Glen Burnie. Real estate business filed for Chapter 11. President: John W. Steffey. Assets: under $50,000. Liabilities: $1,000-$9,999.
* Mullin Associates, Inc., P.O. Box 1086, Edgewood. Food service business filed for Chapter 7. President: George Mullin. Assets: $26,262. Liabilities: $30,109.
* The following are the most common types of filings under the 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.
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 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.
d/b/a (doing business as) or t/a (trading as): an assumed name person uses for a business instead of the actual business name or one's personal name.