The following are recent bankruptcy filings in U.S. District Court in Baltimore.
French's Maritime Warehouse Services Inc., 2120 W. Lafayette Ave., Baltimore. Company filed for Chapter 7. President: Paul E. French. Assets: $30,000. Liabilities: $742,143.
Mary E. Carter (Vizzini's Pizza), 512 Parksley Ave., Baltimore. Filed for Chapter 7. Assets: $61,900. Liabilities: $300,375.
ADK Associates Limited Partnership, 6625 Selnick Drive, Baltimore. Real estate development company filed for Chapter 11. General partner: Grady E. Hobby. Assets: $1,422,261. Liabilities: $1,447,084.
Jones Gutter & Sheet Metal Inc., 246 Ironshire South, Laurel. Business filed for Chapter 7. President: Robert P. Jones. Assets: $69,406. Liabilities: $166,217.
Roger Neil Sexton (Treasure Painter), 12040 Little Patuxent Parkway #J, Columbia. Filed for Chapter 7. Assets: $15,638. Liabilities: $43,007.
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.