The following are recent bankruptcy filings in U.S. District Court in Baltimore.
Babylon Video, 525 Gorsuch Ave., Baltimore. Video rental and sales company filed for Chapter 7. Principals were not listed.
Assets: $0. Liabilities: $21,844.48
Chenoweth Construction Inc., 328 Kingston Circle, Sykesville. Home construction company filed for Chapter 7. Principal: Joshua Chenoweth. Assets and liabilities not listed.
Environmental Recycling Concepts Inc., 8840 Kelso Dr., Baltimore. Recycling company filed for Chapter 7. Principals: Michael T. Pivec, Barbara Pivec and E. Stephen Farlon. Assets: $965. Liabilities: $219,095.72.
Creative Rugs and Floors Inc. (Creative Floors), 499 Ritchie Highway, Severna Park. Custom rugs company filed for Chapter 7. Principals: Chalmer Smith and Mona Smith. Assets: $6,261.45. Liabilities: $137,960.02
GBD Limited Partnership 1, 2191 Defense Highway, Crofton. Partnership involved in leasing office buildings filed for Chapter 11. Principals: Delta Financial Corp., Consolidated General, Francis E. Gardiner. Assets and liabilities not listed.
Beccio Homes Inc., 20 Barons Court, Owings Mills. Builder and developer filed for Chapter 11. Principals: Michael Beccio and Frank Beccio. Assets: $400,000. Liabilities: $420,860.
Telegraph Road Corp., 1103 North Point Blvd., Suite 242, Baltimore. Land development company filed for Chapter 11. Principal: James L. Gay. Assets: $1,000,000. Liabilities: $680,000.
Ray Stallings Lewis (Lewis Builders, Bay Bounty Seafood), 7872 Ratcliffe Manor Road, Easton. Building contractor filed for Chapter 7. Principal: Ray Stallings Lewis. Assets: $7,879.25. Liabilities: $193,894.33.
Gary Allen Bunker (Custom Builder), 3550 Grier Nursery Road, Harford County. Contractor filed for Chapter 7. Principal: Gary Allen Bunker. Assets: $131,538.87. Liabilities: $178,780.86.
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.