The following are recent bankruptcy filings in U.S. District Court in Baltimore.
* Charlotte H. Dickerson, 6004 Railroad Road, Hurlock. Principal in day care center business filed for Chapter 7. Assets: $48,017. Liabilities: $154,186.
* Howard L. Smith and Rosa A. Smith, 1648 Aberdeen Road, Towson. Principals in moving business filed for Chapter 7. Assets: $23,133. Liabilities: $167,777.
* Joseph Amato Jr., 59 Greenwich Place, Pikesville. Mr. Amato, a commodity broker, filed for Chap
ter 7. Assets: $82,969. Liabilities: $139,789.
* Geneva Vanessa Hunt, 9313 Vollmerhausen Road, Jessup. Principal in asphalt company filed for Chapter 13. Assets: under $50,000. Liabilities: $50-99,000.
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 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 over a period of up to five years. It 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.