The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland in Baltimore City
* KSW, Inc., t/a Bill's Lounge & Package Goods, 1688 Annapolis Road, Odenton, filed for Chapter 7. Principal: Kum Sun Wohlgemuth, president. Assets: $220,515; Liabilities: $341,611.40
* William H. Porter Jr., operator of Sonny Porter Contracting, 3917 Woodlea Ave., Baltimore, filed for Chapter 13. Assets: $154,065; Liabilities: $167,000
* Jenco Homes, residential construction and development, 4 Newport Drive, Forest Hill, filed for Chapter 11. Principal: Robert J. Neubeck Jr., director. Assets: None; Liabilities: $737,348.12
* J. Turner Construction Co., 1261 Ward St., Baltimore, filed for Chapter 11. Principal: James E. Turner, president. Assets: over $50,000; Liabilities: over $500,000
* Huber & Lutche P.A., 326 St. Paul Place, a law firm, filed for Chapter 7. Principal: George L. Huber, president. Assets: $8,324.73; Liabilities: $160,552.34
* 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 Association.