The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Sportech Inc., 637 Gairloch Place, Bel Air. Athletic shoe manufacturer filed for Chapter 7. President: James Formanek. Assets: $11,248. Liabilities: $629,736.
Salmon Stream Inc., P.O. Box 2457, Baltimore. Company filed for Chapter 11. President: Donna Stange. Assets: $72,991. Liabilities: $142,000.
Fort Smallwood Mini Warehouse Partnership, 540 Baltimore Annapolis Blvd., Severna Park. Partnership filed for Chapter 11. Managing partner: John W. Steffey Sr. Assets: $210,000. Liabilities: $2,024,801.
Clay Street Enterprises Inc. (Backstage Cafe and Caterers), 204-210 W. Clay St., Baltimore. Cafe and catering business filed for Chapter 11. Assets: $400,000. Liabilities: $225,000.
Cheryl L. Gould (All That Glitters Is Gould), 600 Grantley St., Baltimore. Dressmaker filed for Chapter 7. Assets: $2,558. Liabilities: $1,250.
Bay R.V. Service Center Inc., 121 Revell Highway, Annapolis. Business filed for Chapter 11. Assets: $500,000. Liabilities: $750,000.
Barbara C. Herron (Irish Realty Co.), 207 Taplow Road, Baltimore. Business filed for Chapter 11. Assets: N.A. Liabilities: N.A.
Hammock Point Limited Partnership, 10001 Derekwood Lane, Suite 100, Lanham. Property developer filed for Chapter 11. General partner: Mark R. Vogel. Assets: N.A. Liabilities: N.A.
Manor Knolls Limited Partnership, 6600 Heritage Hill Drive, Glen Burnie. Involuntary petition for Chapter 11 filed by Manor Knoll Investors. Assets: N.A. Liabilities: N.A.
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.