The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Michael K. Neilson and Marsha Neilson (R&M Painting & Contracting Co.), 7959 Telegraph Road, Lot 20, Severn. Contractor filed for Chapter 7. Assets: $620. Liabilities: $62,248.
Louis Philip Reeder Sr. (Lou Reeder & Associates), 7411 B&A Boulevard, Glen Burnie. Business filed for Chapter 11. Assets: N.A. Liabilities: N.A.
Atlantic Lube Inc. (Jiffy Lube), 5619 Prince Georges St., Baltimore. Automotive quick lubrication center filed for Chapter 11. Principal: James R. Cunningham III. Assets: $224,642. Liabilities: $272,351.
Baltimore Shelter Corp., 403 Third St., Baltimore. operator of rental properties filed for Chapter 7. Principal: Edward Lyle Harrison. Assets: $100,000. Liabilities: $55,000.
Dennis E. Bull (Dennis E. Bull General Contracting), 18 Edelweiss Way, Parkton. Contractor filed for Chapter 13. Assets: $80,000. Liabilities: $155,000.
Harvest Contractors Inc., 7913 Westmoreland Ave., Baltimore. Remodeler and renovator of homes filed for Chapter 11. Principal: David B. Price. Assets: $3,300. Liabilities: $96,992.
MGM Contracting Inc., 7002 R. Golden Ring Road, Baltimore. Custom cabinetry and architectural millwork company filed for Chapter 11. Principal: John J. Onufrak. Assets: $13,100. Liabilities: $134,400.
Carpet Corral Inc., 8009-A Jumpers Hole Road, Pasadena. Retailer of carpet, vinyl and hardwood flooring filed for Chapter 7. Principal: David F. Harris. Assets: $130,433. Liabilities: $462,344.
International Custom Tailors Inc., 10300 Mill Run Circle, Owings Mills. Men's tailor filed for Chapter 7. Principals: Morris Weil and Lawrence Downing. Assets: $3,600. Liabilities: $522,873.
Leslie Catherine Swiger (Locating & Consulting Specialists), 1027 Kensington Way, Annapolis. Business filed for Chapter 7. Assets: less than $50,000. Liabilities: less than $50,000.
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.