The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Edward Richard Davidson (Annapolis Business Machines, Annapolis Typewriter), 820 Rustic Lane, Lothian. Owner of retail business equipment and computer company filed for Chapter 11. Assets: N.A. Liabilities: N.A.
IMG/Interchange Associates Limited Partnership, 7058 Ducketts Lane, #104, Elkridge. General partner Robert E. Grove Jr. filed Chapter 11 against the business. Principals: Robert E. Grove Jr., John M. Dempsey, Douglas A. Nyce and Earie Inc. Assets: N.A. Liabilities: $9,038,863.
Maryland General Restaurants (Friar Tuck Inc.), 2119 Conowingo Road, Bel Air. Restaurant filed for Chapter 11. President: John E. Skadowski. Assets: $140,000. Liabilities: $262,000.
Munao Inc. (Jumpers Hole Exxon, Sun Valley Exxon), Ritchie Highway and Jumpers Hole Road, Pasadena. Gasoline and service stations filed for Chapter 11. Principal: Walter J. Monroe. Assets: N.A. Liabilities: $500,000.
Harry Judson O'Leary and Rita Anne O'Leary (Custom Automotive Design), 7926 Roxbury Drive, Glen Burnie. Filed for Chapter 13. Assets: N.A. Liabilities: N.A.
Sylmac Inc., 1886 Crownsville Road, Annapolis. Real estate development company filed for Chapter 11. Principals: the estates of Caldwell McMillan Sr. and Sylvia Ross McMillan. Assets: $2.2 million. Liabilities: $1,526,055.
John Thomas Gamber and Peggy Ann Gamber (Fire Safe Chimney Sweep, Freedom Florist), 2714 E. Strathmore Ave., Baltimore. Debtors filed for Chapter 7. Assets: $7,724. Liabilities: $23,949.
JAN. 17 Newport Hotels-Columbia Associates Limited Partnership (Columbia Hilton, The Club, The Oak Grill), 303 South Broadway, Taneytown, N.Y. Owner of the Columbia Hilton, located on 5485 Twin Knolls Road, filed for Chapter 11. Principals: William A. Achenbaum and Donald O. Stein. Assets: $9,055,890. Liabilities: $13,340,403.
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.