The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Lion Technology Corp., 8695 Hayshed Lane, Columbia. Business filed under Chapter 7. Principal: Roderick Gaither. Assets: $10,500. Liabilities: $92,680.
Club Appetite Inc., 1589 Sulphur Spring Road, Baltimore. Wholesale food service filed under Chapter 7. Principal: E. Wayne Hein. Assets: $25,000. Liabilities: $150,000.
The Schwab Co., 10148 Falls Road, Brooklandville. Advertising firm filed under Chapter 7. Principal: Noel P. Schwab. Assets: $5,025. Liabilities: $34,060.
Billings & Birckhead Inc., d/b/a R & M Electric, 8042 Old Alex. Ferry Road, Clinton. Electrical contracting business filed under Chapter 7. Principal: Robert M. Billings. Assets: $902,466. Liabilities: $466,289
Market Salads Inc., Harborplace, Baltimore. Small retail food vendor filed for Chapter 11 protection. Principal: Harry Barnes. Assets: Under $50,000. Liabilities: Between $50,000 and $99,000.
Sharpel Properties Inc., 953 Sevarden Lane, Crownsville. Builder of single-family homes filed under Chapter 11. Principal: Sharon A. Peltz. Assets: $905,000. Liabilities: $660,209.
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.