The following are recent business filings in U.S. District Court in Baltimore.
Oriole Systems Inc. (Oriole Holdings Inc., Oriole Software Inc., Oriole Development Limited Partnership), 8600 LaSalle Road, Suite 630, Towson. Computer software firm filed for Chapter 11. Principals: Pathfinder Venture Capital Fund II; First Boston Investment Limited Partnership No. 4. Assets: $206,474. Liabilities: $2,240,712.
Rich Ferrell and Adriene H. Ferrell (RJ Ferrell Associates), 108 Spring Valley Drive, Annapolis. Manufacturer's representative filed for Chapter 13. Principals: Rich Ferrell and Adriene H. Ferrell. Assets: between $100,000 and $499,000. Liabilities: between $100,000 and $499,000.
Philip W. Ellinger Sr. (Phil's Sheet Metal Co. and Phil's Heating & Air Conditioning), 8863 Mission Road, Jessup. Contractor filed for Chapter 7. Principal: Philip W. Ellinger Sr. Assets: N.A. Liabilities: N.A.
Bookman Dan! Inc., 1212 York Road, Suite C-302, Lutherville. Book publishing company filed for Chapter 7. Principals: Thomas E. Bonsall and Edward A. Lehwald. Assets: $17,785 plus furniture and equipment. Liabilities: $244,094.
Langford Ltd., 1220 Churchville Road, Bel Air. Real estate developer and homebuilder filed for Chapter 11. Principal: Thomas J. Langford. Assets: $3,958,189. Liabilities: $4,532,092.
Stephen William Trattner Jr. and Lori Jean Trattner (The Gables Cafe), 11939 Gray's Corner Road, Berlin. Debtors filed for Chapter 7. Principals: Stephen William Trattner Jr. and Lori Jean Trattner. Assets: N.A. Liabilities: more than $61,054.
Bill's Plumbing & Heating Inc., Route 1, Box 243B, Tingle Road, Willards. Contractor filed for Chapter 7. Principals: William Schutschkow and Eileen M. Schutschkow. Assets: $11,000 (approximately). Liabilities: $35,000 (approximately).
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.
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.