The following are recent bankruptcy filings in U.S. District Court in Baltimore.
* Chan Oh Park, 8651 Dove Fly Way, Laurel, deli/grocery filed for Chapter 13. Principal(s): Chan Oh Park and Sung Sook Park. Assets: $321,904. Liabilities: $384,825.95.
* First Quality & Consulting Inc. (a.k.a. First Quality Cleaners), 9275 Baltimore National Pike, cleaning establishment filed for Chapter 7. Principal: Raymond P. Ra Jr., president. Assets: $50,000. Liabilities: $205,957.07.
* Roland F. Lee III, 1222 Generals Highway, Crownsville, painter filed under Chapter 9. Principal: Roland F. Lee III. Assets: $2,747.27. Liabilities: $6,704.47.
* Bernard H. Schilling, operating a wholesale/retail business at 213 Camden St., Salisbury, has filed under Chapter 7. Principal: Bernard H. Schilling. Assets: over $50,000. Liabilities: over $100,000.
* Gary Ray Hutchison, convenience stores, 2801 Old Ocean City Road, Wicomico County, filed under Chapter 7. Principal: Gary Ray Hutchison. Assets: over $500,000. Liabilities: over $500,000.
* Manhattan Dockside Inc., (t/a Dockside Liquors), 81 Main St., Annapolis, retail liquor outlet filed under Chapter 11. Principal: Leonard Bobbick, president. Assets: $17,500. Liabilities: $175,000.
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, 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.