The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Blue Water Custom Interiors Inc., 8265 Route 3 North, Millersville. Custom interior company filed for Chapter 11. Principal: Michael F. Kahl. Assets: $12,328. Liabilities: $32,816.
IMG/Main Street Associates Limited Partnership, 7058 Ducketts Lane, No. 104, Elkridge. Office development company filed for Chapter 7. Principals: Douglas A. Nyce, John M. Dempsey and Robert E. Grove. Assets: $9,235,892. Liabilities: $16,434,515.
Rowland Scott Kramer (Columbia Commemorative Productions), 10328 Hickory Ridge Road #612, Columbia. Video company filed for Chapter 7. Principal: Rowland Scott Kramer. Assets: $17,889. Liabilities: $80,900.
Sunscapes Inc., 10308 Sunnylake Place, Cockeysville. Construction and home improvement firm filed for Chapter 7. Principal: Dan Holniker. Assets: less than $50,000. Liabilities: less than $50,000.
Steven Allen Theys and Cornelia Jane Theys (The Pendragon Gallery), 1005 Timber Creek Road, Annapolis. Art gallery filed for Chapter 11. Principal: Steven Allen Theys and Cornelia Jane Theys. Assets: $152,935. Liabilities: $420,148.
Matthew Robert Greene, 7 Dodworth Court, #103, Timonium. Dentist filed for Chapter 13. Principal: Matthew Robert Greene. Assets: N.A. Liabilities: N.A.
The Shoe Shoppe Inc. (Step In), 1809 Reisterstown Road, Pikesville. Retail shoe store filed for Chapter 11. Principal: Mordehai Gur. Assets: $12,000. Liabilities: $245,933.
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.