The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Aberdeen Market Place Inc., Route 22 and Beard's Hill Road, Benson. Shopping center development filed for Chapter 11. Principals: M.K.S. Holding Company Inc. Assets: $10.5 million. Liabilities: $10,296,501.
Britannia Ltd., 1100 Wicomico St., Baltimore. Printing company filed for Chapter 11. Principal: Max Faulkner. Assets: $1,381,686. Liabilities: $1,201,850.
C & S Graphics Inc., 1200 Canterbury Drive, Sykesville. Printing company filed for Chapter 11. Principal: Thomas A. Cardinale. Assets: $4,087. Liabilities: $114,026.
Sid A. Stollings (Sid's Seafood), 53 Squanto Court, Baltimore. Seafood operation filed for Chapter 7. Assets: $20,765. Liabilities: $105,600.
Michael Mazer (Provident Mortgage Association, Allied Mortgage Association, MWF Inc.), 4611 Hawksbury Road, Baltimore. Debtor filed for Chapter 7. Assets: $61,832. Liabilities: $174,817.
Kenneth G. O'Dea Jr. (Pizza On Wheels), 11810 Reisterstown Road, Reisterstown. Retailer and deliverer of pizza filed for Chapter 13. Assets: N.A. Liabilities: N.A.
The Personal Touch, 5565 Sterrett Place, Columbia. Employment agency filed for Chapter 7. Principal: Timothy Fisher and Denise Fisher. Assets: $0. Liabilities: $28,516.
Kevin T. Ward (K.W. Wheel Chair Transportation), 507 Stevenson Lane, Towson. Transportation company filed for Chapter 7. Assets: $185,991. Liabilities: $296,334.
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.