The following are recent bankruptcy filings in U.S. District Court in Baltimore.
WINS Satellite Inc., 23-25 Walker Ave., Baltimore. Company, which disseminates sports information through a hand-held alphanumeric personal pager, filed for Chapter 11. Principal: Michael Warren Lasky. Assets: $258,750. Liabilities: $720,505.
James Thomas Hurst (Hurst and Blanton Improvements), P.O. Box 96, Finksburg. Carpenter filed for Chapter 7. Assets: N.A. Liabilities: N.A.
Kensington Development Limited Partnership, P.O. Box 180, Easton. Company filed for Chapter 11. President: Thomas J. Hutchison. Assets: N.A. Liabilities: N.A.
George L. Schnader Jr. Inc., 5103 Harford Road, Baltimore. Developer, builder and manager of town houses and apartments filed for Chapter 11. Principal: the estate of George L. Schnader Jr. Assets: $16,731,000. Liabilities: $15,207,956.
STP Restaurants Inc. (JJ's and Bogie's), 2552 Riva Road, Annapolis. Restaurant filed for Chapter 11. Principal: Gordon Schaaf and Virginia Schaaf. Assets: $45,000. Liabilities: $86,486.
Emerson Kelly Harless and Kim Harless (Harless Trucking, E. Harless Trucking), 1644 St. Michaels Road, Woodbine. Trucking company filed for Chapter 13. Assets: N.A. Liabilities: N.A.
Thomas Johnson (Thomas Johnson Assoc.), 2813 Sante Fe Ave., Baltimore. Debtor filed for Chapter 13. Assets: less than $50,000. Liabilities: less than $50,000.
Kellenbenz Ltd. (Rockville Family Cycle and Skate, Rockville BMX), 1460 Ritchie Highway, Suites 101/102, Arnold. Bicycle repair shop filed for Chapter 7. Principal: Charles W. Kellenbenz. Assets: $130,000. Liabilities: $200,000.
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.