The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Discovery Software International Inc., 217 Hanover St., #4, Annapolis. Computer software development company filed for Chapter 7. Principal: Richard M. Ross Jr. Assets: $1,500. Liabilities: $224,398.
Steven P. Shaulis (Mecca Contractors), 8874 E. Town & Country Blvd., Ellicott City. Contractor filed for Chapter 7. Assets: $8,700. Liabilities: $4,071,510.
Brightseat Road Associates Limited Partnership, c/o Cohen & Flax Management Inc., 6666 Security Blvd., Baltimore. Real estate owner filed for Chapter 11. Principal: Ronald J. Cohen. Assets: $10,250,000. Liabilities: $7,262,296.
Theodore Edward McCadden Sr., 8144 Dundalk Ave., Baltimore. Home improvement contractor filed for Chapter 7. Assets: $6,845. Liabilities: $25,711.
Rea Keech Buick Inc. (Rea Keech Buick/Suzuki), 8431 Baltimore National Pike, Ellicott City. Automobile dealer filed for Chapter 11. Principal: Rea H. Keech Jr. Assets: $5,319,971. Liabilities: $5,810,000.
Crisfield Shipyard Properties Ltd., 10th Street, Crisfield. Owner and manager of real estate that is leased and/or rented for boat repair, filed for Chapter 11. Principal: Logan J. Manders. Assets: $907,378. Liabilities: $871,996.
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.