The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland in Baltimore City:
* Gerald D. James, d/b/a Gerald D. James Contracting, 2520 Symphony Lane, Gambrills, a flooring contractor, has filed for Chapter 13. Assets: under $50,000; liabilities: over $100,000.
* C. P. Reem Inc. 2410 Crofton Blvd., Crofton, wholesale/retail sales of consumer products, filed for Chapter 7. Principal: Munzer Al-Qaneh, president. Assets: $19,804; liabilities: $187,405.
* David W. & Mary Jane Stevens, distributors, 400 Plantation Lane, Stevensville, have filed for Chapter 11. Assets: over $100,000; liabilities: over $1,000,000.
* Southern Seafood Co., 7901 Oceana Ave., Jessup, wholesale/retail sales and distribution of seafood , has filed for Chapter 11. Principal: Robert Millhauser, president. Assets: $1,800,000; liabilities: $2,000,201.
* Harold M. Jordon, 3840 Greenspring Ave., Baltimore, towing service operator, filed for Chapter 13. Assets and liabilities: Each under $50,000.
The following are the most com mon 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 Association.