The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Poffel & Walker Inc., 1922 Greenspring Drive, Suite 1, Lutherville. Real estate company filed for Chapter 11 protection. Principal: Andrew J. Poffel. Assets: $2.6 million. Liabilities: $25,736,497.51
Thur Builders Inc., 485 White Cedar Lane, Severna Park. Residential and commercial remodeling firm filed to reorganize under Chapter 11. Principal: Thomas D. Thur. Assets: $67,925.03. Liabilities: $203,761.02.
Melcom Supply Inc., 7996 E. Baltimore St., Baltimore. Retailer and wholesalers of machine tool supplies is seeking protection under Chapter 11. Principal: Meldon L. Overhulser. Assets: $224,000. Liabilities: $219,899.62
Sofa Market Inc., 8120 Ritchie Highway, Pasadena. Furniture wholesaler and retailer has filed to liquidate under Chapter 7. Principal: Earl L. Raful. Assets: $1,490.35. Liabilities: $13,372.92
Warehouse Handling Systems Inc., 1321-G Mercedes Drive, Hanover. Retailer and wholesaler of material handling equipment has filed for Chapter 11. Principal: Erkan M. Memseri. Assets: $777,951.55. Liabilities: $359,181.83
Allen Industries Inc., 1476 E. Joppa Road, Baltimore. Retail furniture sales company is liquidating under Chapter 7. Principal: Earl L. Raful. Assets: $142,966.57. Liabilities: $299,631.36
Air Duct Systems of Maryland Inc., 600 N. Montford Ave., Baltimore. Contracting business has filed under Chapter 11. Assets: None. Liabilities: $681,866.11
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.