The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Chesapeake Beverage Corp. (Glacier Beverage Corp.), 340 Old Bay Lane, Havre de Grace. Contract beverage bottler filed for Chapter 11. President: Bruce J. Hegstad. Assets: $4,250,000. Liabilities: $6,315,680.
Posh Kids Inc., 9616 Reisterstown Road, Owings Mills. Retail clothing store filed for Chapter 11. President: Ester Shimony. Assets: $20,000. Liabilities: $70,000.
The Gun Locker II Inc., 9935 Stephen Decatur Highway, Ocean City. Firearms retailer filed for Chapter 7. President: Stephen C. Lipscomb. Assets: $28,937. Liabilities: $18,835.
All Points Inc., a Maryland Corp., 7200-A Eastern Ave., Baltimore. Trucking/transportation broker filed for Chapter 7. President: Bryan P. Talbott. Assets: $501. Liabilities: $46,012.
SMC General Partnership, 2841 Hartland Road, Suite 301, Falls Church, Va. Business filed for Chapter 11. Assets: N.A. Liabilities: N.A.
Charles Center Enterprises Inc., 9 East Lexington St., Baltimore. Dry cleaner and tailor filed for Chapter 11. Owners: Charles and Carol J. Maeng. Assets: $150,000. Liabilities: $152,975.
Newton Construction Corp., 4 Nashua Court, Bay 16, Baltimore. Construction company filed for Chapter 11. President: Walter Stefanowicz. Assets: $277,784. Liabilities: $247,647.
Falcon Travel Group Inc., 81310 Ritchie Highway, Festival Shopping Center, Pasadena. Retail travel business filed for Chapter 11. President: Hugh Seaborn. Assets: $15,000. Liabilities: $350,000.
Duwain Q. Weibe (TEC Systems), 363 Preswick Way, Severna Park. Company filed for Chapter 7. Assets: $160,568. Liabilities: $346,782.
All State Plumbing Inc., 4250 Washington Blvd., Baltimore. Plumbing company filed for Chapter 7. Petitioner: Wayne Garrity. Assets: $20,000. Liabilities: $200,000.
The following are the most common types of filings under thU.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.