The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland in Baltimore City:
Aug. 4
* Olde Towne Masonery, Parsonsburg, has filed for Chapter 7. Principal: Kenneth W. Ainsworth, general partner. Assets: $12,200; Liabilities: over $89,873.63
* Enviromed Management Services, 3200 Hawkins Point Road, Curtis Bay, filed for Chapter 11 protection. Principal: Karen Goodheart, president. Assets: $120,800.43; Liabilities: $1,043,244.03
Aug. 5
* Steven Kent Dunn, architectural design and building services, 3014 Iona Terrace, Baltimore, filed for Chapter 7. Assets: $4,950; Liabilities: $117,884.32
* Alfred C. Boswell Jr., a.k.a. Al Boswell, advertising and marketing, 1563 St. Margarets Road, Annapolis, filed for Chapter 7. Assets: $10,295; Liabilities: $77,691
Aug. 8
* Fountainview Joint Venture 5847 San Felipe Drive, Houston, Texas, real estate investors in 3612-40 Ford's Lane, Baltimore, filed for Chapter 11. Principal: Randall D. Keith, secretary. Assets and liabilities: each over $1,000,000
Aug. 9
* Rowland Excavating Inc., 85 Main St., Reisterstown, filed for Chapter 11. Principal: James R. Rowland, president. Assets: $34,428.95; Liabilities: $453,670.62
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.
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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.