These are recent bankruptcy filings in U.S. District Court in Baltimore.
Thomas J. Langford and Frances Langford, 309 Rolling Knoll Road, Bel Air. The principals of several real estate holding companies filed for Chapter 11. Assets: N.A. Liabilities: N.A.
Southland Homes Inc. (Southland Builders Inc.), 5 Federal St., Easton. Construction company filed for Chapter 7. Principals: Barton T. Horner and Peter A. Zukowski. Assets: $100,000 (approximately). Liabilities: $400,000 (approximately).
Arundel Geriatric & Nursing Center Inc., 7355 Furnace Branch Road, Glen Burnie. Nursing home filed for Chapter 11. Principals: Michael J. Francus and Joseph B. Francus. Assets: $1 million. Liabilities: $1.8 million.
Arundel Geriatric & Nursing Center Limited Partnership I, 7355 Furnace Branch Road, Glen Burnie. Holding company filed for Chapter 11. Principal: N.A. Assets: $4 million. Liabilities: $4 million.
Point Pleasant Health Park Limited Partnership, 7355 Furnace Branch Road, Glen Burnie. Holding company filed for Chapter 11. Principal: N.A. Assets: $3.2 million. Liabilities: $2.7 million.
Marie E. Lopresti (Appolonia Construction), 408 Sutton Place, Abington. Construction company filed for Chapter 7. Assets: N.A. Liabilities: N.A.
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.