The following are recent bankruptcy filings in U.S. District Court in Baltimore.
John Scott Bennett (Big "4" Cleaners), 2110 Summit Ave., Baltimore. Janitorial services company filed for Chapter 7. Assets: $1,630. Liabilities: N.A.
Robert Carl Miller (Datafax Inc.), 6808 Timberlane Road, Baltimore. Credit bureau operation filed for Chapter 7. Assets: $2,816. Liabilities: $529,212.
Damon D. Prettyman and Lorrie H. Prettyman (Dadon Enterprises Inc., A&K Rentals, D&N Rentals), 406 Jeffrey Lane, Princess Anne. Fast-food restaurant and property rental company filed for Chapter 11. Assets: $398,000. Liabilities: $481,000.
Atlantic Food & Beverage System Inc. (Jason's and the Rock), 400 6th St., Annapolis. Restaurant, supper club and bar filed for Chapter 11. Principal: James C. Foote. Assets: $1.5 million. Liabilities: $100,000.
Troy Edward Daff Jr. and Shirley Mae Daff (Daffs Trucking), 8155 Walton Road, Severn. Dump truck company filed for Chapter 13. Assets: N.A. Liabilities: N.A.
Beth Lynn Sandler (The Nail Garden, The Gardens), 3813 Pikeswood Drive, Randallstown. Hair and nail salons filed for Chapter 7. Assets: $72,325. Liabilities: $99,824.
Robert John Daum III and Juanita Mabe Daum (Mount Airy Water Conditioners), Route 1, Box 157, Charles Barnes Road, Westover. Company filed for Chapter 7. Assets: $37,193. Liabilities: $59,864.
Harry Alonzo McCadden (Mac Home Improvement), 72 Shore Road, Baltimore. Home improvement company filed for Chapter 7. Assets: $22,928. Liabilities: $40,417.
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.