The following are recent bankruptcy filings in U.S. District Court in Baltimore.
March 25
* Larry's Burner Service, 114 N. West Street, Easton, filed under Chapter 7. Principal: Larry E. Leonard. Assets: $3,796.90; Liabilities: $99,656.81
March 28
* Charles Shird t/a Sir Charles Beauty Salon, 101 W. 22nd St., Baltimore, has filed under Chapter 7. Assets and liabilities are under $50,000 each.
March 29
* James R. Ferry, a professional photography studio, 5416 Thunder Hill Road, Columbia, filed under Chapter 13. Assets and liabilities are over $50,000 each.
* Levi Shield Sr., 3004 LaRue Square, Baltimore, d/b/a Blue Water Seafood, has filed under Chapter 13. Assets: $301,870; Liabilities $90,500
March 30
* Dadressan Inc., d/b/a Frankford Shell, a service station at 5330 Frankford Ave., has filed for Chapter 11. Principal: Sohail Dadressan, president. Assets: n/a; Liabilities n/a
* Westview Mall Associates, an Illinois general partnership operating the shopping center at 5748 Baltimore National Pike, Catonsville, filed for Chapter 11. Principal: Daniel A. Duhig, 1st vice president, Balcor Development Co. of Md. Assets and liabilities each over $100,000,000
* Robert J. Matusewicz, d/b/a Kent Machine, an equipment sales operation at 114 N. West St., Easton, has filed under Chapter 7. Assets: $177,100; Liabilities: $172,069.10
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.
*
a.k.a. (also known as), d/b/a (doing business as) or t/a (trading as): an assumed name a person uses for a business instead of the actual business name or one's personal name.
n/a: not available.