These are recent bankruptcy filings in U.S. District Court in Baltimore.
Bowen Transportation Services Inc., P.O. Box 629, Finksburg. Transportation and shipping company filed for Chapter 7. Principal: John C. Bowen. Assets: $1,538. Liabilities: $41,643.
Ocean Downs Racing Association Inc., Routes 589 and 50, Berlin. Racetrack operator filed for Chapter 11. Principal: Eastern Shore Racing Association Inc. (Mark Vogel). Assets: $2.5 million. Liabilities: $750,000.
The Rosecroft Trotting & Pacing Association Inc., 4201 Northview Drive, Bowie. Racetrack operator filed for Chapter 11. Principals: Mark Vogel Productions Inc. and Eastern Shore Racing Association Inc. Assets: $30 million. Liabilities: $16 million.
Charles J. Plunkert (Century 21 Charles J. Plunkert Inc., Century Appraisals Inc., Taneytown Inn Inc., Hamilton Plaza Hotel Limited Partnership, Hamilton Hotel Associates General Partnership, Hamilton Hotel Limited Partnership), 3981 Littlestown Pike, Westminster. Filed for Chapter 11. Assets: N.A. Liabilities: N.A.
Wayne Allen White (Wayne A. White Trucking), 1002 Cedar Creek Road, Baltimore County. Trucking company filed for Chapter 13. Assets: N.A. Liabilities: N.A.
Wirth-Strahler & Son Inc., 427 E. 26th St., Baltimore. Commercial and advertising printing company filed for Chapter 11. Principals: Charles H. Strahler Jr. and Ruth V. Strahler. Assets: $350,000. Liabilities: $552,272.
Hill Staple Co. Inc., 2200 Evergreen St., Baltimore. Retailer and repairer of staplers, staples and other fastening systems filed for Chapter 7. Principal: Matthew G. Braxton. Assets: $110,945. Liabilities: $141,203.
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.