The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland:
* National Electric Industries, 8839 A/B Kelso Drive, Baltimore, d/b/a National Electric, an electric and electronics components and controls repair company, filed for Chapter 7. Principal: Carroll R. Foster, president. Assets: $44,252; liabilities: $262,808.
* Perry J. Parr, 364 Oberle Ave., Baltimore, a dealer in pools and spas, filed for Chapter 7. Assets: $6,560; liabilities: $10,539
* Baltimore Metal Shapes Inc., 3228 Frederick Ave., Baltimore, maintenance contractors and metal fabricators, filed for Chapter Principal: B. Timothy Jordon. Assets and liabilities are under $50,000 each.
* Charles M. & Cynthia Krabbe, a real estate broker and stained glass artist, 11112 Spring Branch Road, Berlin, filed under Chapter 13. Assets: $289,576; liabilities: $370,063.
* Greta Celeste Henderson, 4220 Massachusetts Ave., Baltimore, a senior cosmetologist, filed for Chapter 13. Assets: $40,043; liabilities: $29,800.
* George R. Gracie & Sons Inc., an appliance repair service, 1074 Vena Lane, Pasadena, filed for protection under Chapter 11. Principal: George R. Gracie, president. Assets and liabilities are each under $50,000.
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.
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. L/P: Limited Partnership. P/A: Professional