The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Norman K. Vacousky Jr. (Norman's Professional Golf Shop), 6 Morning Court, Baltimore. Golf pro filed for Chapter 7. Assets: N.A. Liabilities: N.A.
B2CD Associates Limited Partnership (Bay Bridge Market Place), 2444 Solomons Island Road, Suite 209, Annapolis. Owner of factory outlet shopping center filed for Chapter 11. Vice president: Michael S. O'Brien. Assets: N.A. Liabilities: N.A.
Edward K. Dulin (Delmarva Agri-Supplies), Route 1, Box 47-1 Barclay Road, Barclay. Dairy supplier filed for Chapter 7. Assets: $9,660. Liabilities: $152,278.
Albert Gunther & Co., 9603 Deereco Road, Timonium. Involuntary petition for Chapter 11 filed by First Investment Limited Partnership. Assets: N.A. Liabilities: N.A.
Systems Planners Inc., 8424 Old Harford Road, Baltimore. Computer maintenance company filed for Chapter 7. Stockholders: Charles Leal and Doug Burkhead. Assets: $1,500. Liabilities: $32,848.
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.