The following are recent bankruptcy filings in U.S. District Court in Baltimore.
PMI Inc., 7302 Pulaski Highway, Baltimore 21236. Operators of The Phil Mar Inn and Russo's Restaurants filed under Chapter 7. Principal: Anthony G. Cicone. Assets: more than $50,000. Liabilities: more than $100,000.
Sitte-Tischer Corp., Industrial Park Boulevard, Federalsburg 21632. Manufacturer of photographic processors filed under Chapter 7. Principal: Bernd M. Tischer. Assets: more than $500,000. Liabilities: more than $1,000,000.
Barrera Corp., 1600 South Clinton St., Baltimore 21224. Leasehold improvements company filed under Chapter 7. Principal: Felix Barrera. Assets: $706,000. Liabilities: $613,891.
Daniel Paul Bolt III, 293 Nesbitt Road, Colora 21917. Principal of Active Concrete Co. filed under Chapter 7. Assets: $6,006. Liabilities: $53,237.
Maxine Louise Eyring, 760A Fairview Ave., Annapolis 21403. Owner of F&M Asphalt Paving Co. filed under Chapter 7. Assets: $12,034. Liabilities: $262,681.
R.B.R. Corp., 4908 Reisterstown Road, Baltimore 21215. Corporation filed under Chapter 11. Principal: Larry S. Ross. Assets: None. Liabilities: $1,300,000.
1212 Limited Partnership, 210 W. Pennsylvania Ave., Towson. Real estate ownership and management company filed under Chapter 11. Principal: Dennis Townsend. Assets and liabilities: N.A.
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.