The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Reliance Wood Preserving Inc., Industrial Park, Federalsburg. Wood treating company filed for Chapter 7. Principals: Daniel Dorman and Irma Dorman. Assets: $200,733. Liabilities: $526,692.
Adams Fabricated Steel, 4501 Curtis Ave., Baltimore. Manufacturer and seller of steel products filed for Chapter 11. Principals: Khader El-Jallad and the Adams Employee Stock Ownership and Trust. Assets: $1.3 million (approximately). Liabilities: $1.355 million (approximately).
Richard L. Greene (Motor Sport World), 4810 Belair Road, Baltimore. Automotive company filed for Chapter 11. Assets: N.A. Liabilities: between $100,000 and $499,000.
L&R General Partnership, 814 Crain Highway, Glen Burnie. Debtor that owns and rents property filed for Chapter 11. Principals: W. Edward Tarr, Jeffrey Lahdelma, Debora Lahdelma and Louis P. Reder. Assets: $508,800. Liabilities: $250,000.
Bret Larrimore and Bobbi D. Larrimore (Bret Larrimore Painting Co.), 20 Lincoln Ave., St. Michaels. Painting company filed for Chapter 7. Assets: $42,092. Liabilities: $70,741.
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.