The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Bay Sails Limited Partnership (Bay Sails Econolodge, Bay Sails Inn), 102 60th St., Ocean City. Business filed for Chapter 11. Partner: Lowell E. Nelson. Assets: $3,597,210. Liabilities: $2,975,554.
Richard L. Greene (Motorsport World, Action Auto Sales), 3 Consett Court, Baltimore. Automobile sales and repair company filed for Chapter 11. Assets: N.A. Liabilities: N.A.
James William Fisher (Fisher Homes), 44 Taran Court, Easton. Company filed for Chapter 7. Assets: $95,978. Liabilities: $171,888.
Western Maryland Properties Limited Partnership, 7133 Rutherford Road, Pikesville. Real estate company filed for Chapter 11. President: Edward S. Ricklin. Assets: $2,000,000. Liabilities: $2,669,201.
Frederick Self Storage Associates Limited Partnership, 7133 Rutherford Road, Pikesville. Business filed for Chapter 11. President: Edward S. Ricklin. Assets: $2,000,000. Liabilities: $2,345,992.
Bayfitters Inc. (Bayfitters Food Store), North Main Street, P.O. Box 88, Rock Hall. Food store filed for Chapter 11. President: Ward S. Phelps. Assets: $1,748,506. Liabilities: $2,232,936.
Dividing Creek Associates Limited Partnership, 1402 Colony Road, Pasadena. Real estate developer filed for Chapter 11. President: Dennis C. Blaever. Assets: $150,000. Liabilities: $471,089.
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.