The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland in Baltimore City:
* Marilyn Ruddy, 546 Lorie Quinn Drive, Crisfield, d/b/a Mane Creations, a beauty salon, filed under Chapter 7. Assets: $44,574; liabilities: $46,430.
* David W. Barone Jr., d/b/a/ Coastal Painting, 114 Cross Creek Road, Salisbury, filed under Chapter 7. Assets: $196,018; liabilities: $247,011.
* Todd J. & Deborah L. Frasoetto, 3007 Moreland Ave., Baltimore, independent trucking business, filed under Chapter 7. Assets: $11,238; liabilities: $128,750.
* Sherrill G. Campbell, t/a Sher's Care, 304 Lillian St., Hebron, a day-care center, filed under Chapter 7. Assets: $108,342; liabilities: $153,031.
* E. T. Foods Inc., restaurant operations, 8825 Centre Park Drive, Columbia, filed under Chapter 11. Principal: Edward M. Tolkach. Assets: $184,980; liabilities: $339,021.
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.