The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Benjamin Square Inc., 1214 N. Atlantic Drive, Lantana, Fla. Real estate company owns a 10.4-acre parcel of land in Maryland's Dorchester County, known as Deep Harbor Estates. Benjamin Square is filing for Chapter 11 protection. Principal: Claudia DeGennaro. Assets: $88,000. Liabilities: $46,810
Bayside Gas Inc., P.O. Box 58, Williams Street, Rock Hall. Purchaser and seller of propane gas is seeking protection under Chapter 11. Principal: George F. Spray. Assets: $52,787. Liabilities: $51,544
Realty Capital Associates Inc., 427 E. 26th St., Baltimore. Real estate company is filing for Chapter 11 protection. Principal: Joseph G. Kelly. Assets: $130,000. Liabilities: $74,573.50
The Wrestling Ring, 4319 Old Milford Mill Road, Baltimore. Sales and mail order business is filing under Chapter 11. Principal: Richard A. Kurland. Assets: N.A. Liabilities: N.A.
Bar Harbor Limited Partnership, 10715 Charter Drive, Columbia. Company that renovates, leases and sells real estate is seeking protection under Chapter 11. Principal: William J. Miller. Assets: $2.8 million. Liabilities: $1.7 million.
The following are the most common types of filings under th 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.