The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Mr. Muffler (Mr. Muffler & Brakes), 100 N. Tollgate Road, Bel Air. Installer of mufflers and brakes filed for Chapter 7. Principals: Stephen Lucich and Sharon Lucich. Assets: $25,955. Liabilities: $304,173.
The Danie Doll Ltd. (The Card Gallery), 200 E. Pratt St., Suite 428, Baltimore. Card and gift shop filed for Chapter 7. Principal: Jeanne E. Boone. Assets: $25,000. Liabilities: $275,000.
Lewis Nathan Hyatt (Harvard Construction Co.), 1231 N. Main St., Hampstead. General contractor filed for Chapter 7. Assets: $210,607. Liabilities: $500,408.
McGill Development Co., 6430 Dobbin Road, Columbia. The general partner with various limited partnerships that own and operate shopping centers and commercial real estate filed for Chapter 11. Chairman: Christopher W. Kurz. Assets: N.A. Liabilities: $52,784,333.
McGill Development Limited Partnership #3, 6430 Dobbin Road, Columbia. Owner and operator of Bel Air Town Center filed for Chapter 11. Chairman: Christopher W. Kurz. Assets: $13.7 million. Liabilities: $10,982,369.
McGill Development Limited Partnership #4, 6430 Dobbin Road, Columbia. Owner and operator of Roberts Field Shopping Center filed for Chapter 11. Chairman: Christopher W. Kurz. Assets: $9.5 million. Liabilities: $8,714,134.
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.