5/8 TC CThe following are recent business filings in U.S. District Court in Baltimore.
Merritt Boulevard Limited Partnership, 3 Greenwood Place, Suite Baltimore. Real estate company filed for Chapter 11. Principals: Murray L. Wolman and Sonya L. Wolman. Assets: more than $1 million. Liabilities: more than $1 million.
Country Walk Limited, 1220 Churchville Road, Bel Air. Developer of real estate projects filed for Chapter 11. Principal: Thomas A. Langford. Assets: $8.5 million. Liabilities: $7.5 million.
Burnside Limited Partnership (Spa Creek Yacht Club), 1402 Colony Road, Pasadena. Owner of marina slips and real estate filed for Chapter 11. Principals: Bobby E. Leonard and Garrett Leonard (together) and Dennis C. Blaeuer. Assets: $1.3 million. Liabilities: $1,392,528.
Dobbin Road Gas & Grocery Stop Inc., 6425 Dobbin Center Way, Columbia. Gas station and convenience store filed for Chapter 11. Principal: Michael P. Smith. Assets: $450,000. Liabilities: $150,000.
P & R Davis Plumbing & Heating Inc., 62 Maloney Road, Elkton. Installer of plumbing and heating systems filed for Chapter 7. Principals: Matthew J. Sholl and Russell J. Sholl. Assets: $24,981. Liabilities: $63,623.
Jno. McCall Coal Co. Inc., 6212 Frankford Ave., Baltimore. Coal mining company filed for Chapter 11. Principal: N.A. Assets: $39,760,764. Liabilities: $29,462,047.
Jno. McCall Export Corp., 6212 Frankford Ave., Baltimore. Coal mining company, which is a subsidiary of Jno. McCall Coal Co. Inc., filed for Chapter 11. Principal: Jno. McCall Coal Co. Inc.
Assets: $39,760,764. Liabilities: $29,462,047.
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 in whole or in part.
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.