The following are recent bankruptcy filings in U.S. District Court in Baltimore.
* Robert H. Banks and Audrey V. Banks, 393 Silver Run Valley Road, Westminster. Principals in word processing business filed for Chapter 7. Assets: $219,424. Liabilities: $237,614.
* Threshold Development Group Inc., 211 Courtland Ave., Towson. Real estate business filed for Chapter 7. Richard C. Rodgers, vice president.Assets: $0. Liabilities: $1,362,724.
* Albert E. Oquinn and Alma L. Oquinn, 242 Foster Branch Road, Joppa. Principals in construction business filed for Chapter 13. Assets: under $50,000. Liabilities: under $50,000.
* OMI Corp., 3121 St. Paul St., Baltimore. Retail/wholesale book and card fair business filed for Chapter 11. Zoran Jovanovic, president. Assets: $58,000. Liabilities: $51,000.
* Joseph Loverde, 34 Drawbridge Court, Baltimore. Mr. Loverde, a residential builder, developer and Realtor, filed for Chapter 7. Assets: $123,402. Liabilities: $3,207,136.
* 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.
CHAPTER 11 -- Reorganization. Available to all individuals or busi
nesses, 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 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 a person uses instead of the business name or one's personal name.