These are recent bankruptcy filings in U.S. District Court in Baltimore.
Cochran Concrete Inc., 500 A Bynum Road, Bel Air. Concrete construction company filed for Chapter 7. Principal: N.A. Assets: $8,377. Liabilities: $417,519.
Baltimore Mechanical Contractors Inc., 2439 N. Charles St., Baltimore. Plumbing and heating company filed for Chapter 7. Principal: Michael A. Whitehead. Assets: $36,000. Liabilities: $511,381.
Bergers Colonial Inn, 4465 Mountain Road, Pasadena. Restaurant filed for Chapter 11. Principals: Richard S. Davis and Walter A. Davis Jr. Assets: $920,000. Liabilities: $934,549.
Buck Industries Inc., 6930 Sykesville Road, Sykesville. Design engineering firm filed for Chapter 11. Principal: N.A. Assets: between $500,000 and $999,000. Liabilities: between $100,000 and $499,000.
Bollino Lodging Corp. (Days Inn of Edgewood), 2116 Emmorton Park Road, Edgewood. Franchised motel filed for Chapter 11. Principal: Salvatore J. Bollino. Assets: $3 million. Liabilities: $3.3 million.
Henry Nelson Roane (Roane Floor Coverings), 1704 Cedar Park Road, Annapolis. Floor-covering retailer filed for Chapter 7. Principal: Henry Nelson Roane. Assets: $34,244. Liabilities: $87,404.
R. Jones & Associates Inc. (Jones & Associates), 2030 Liberty Road, Suite 224, Eldersburg. Food-service equipment company filed for Chapter 7. Principal: Robert M. Jones. Assets: $51,852. Liabilities: $191,688.
Ramsey Inc. (Berlitz Marine), 5910 Vacation Lane, Deale. Retailer and servicer of boat and marine products filed for Chapter 11. Principal: Roger Ramsey. Assets: $1,277,433. Liabilities: $1,455,172.
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.