The following are recent bankruptcy filings in U.S. District Court in Baltimore.
* Craft World International Inc., of 1301 Avondale Road, New Windsor, d/b/a Craft World, a.k.a. Craft World Inc., a national distributor of hobby, crafting and needlepoint supplies has filed under Chapter 11. Principal: Pat Hevrdejs, CEO and president. Assets: over $1 million; liabilities: over $1 million.
* The Sign Co., 825 N. Hammonds Ferry Road, Linthicum, filed Chapter 7. Principals: Joseph H. and Montica L. Weston. Assets: $7,282; liabilities: $38,047.
* Premier Builders Inc., 2513 Merrick Court, Abingdon, a real estate company, has filed Chapter 7. Principal: Linda J. Buckman, president. Assets: $204,705; liabilities: $175,262.
* Walter J. Munroe, operating a service station t/a Munroe's Auto & Towing, 21G Riverview Road, Annapolis, filed under Chapter 13. Assets: $731,800; liabilities: $362,859.
* Steven M. Petrone, d/b/a Brandie Excavations, a construction company at 27678 Wilhelm Road in Denton, filed Chapter 7. Assets: $275; liabilities: $633,641.
* Frederick D. Struck, real estate investment and sales, 11930 Gold Needle Way, Columbia, has filed under Chapter 7. Assets: over $100,000; liabilities: over $500,000.
* Hilltop Associates of Baltimore L/P, real estate developers, 6635 Walther Avenue, Baltimore, filed under Chapter 11. Principal: David L. Woody, president. Assets: $1,200,000; liabilities: $2,726,430.
* Nelson Chiropractic Center P/A, t/a Baltimore Chiropractic Center, 300 E. Joppa Road, Towson, filed under Chapter 11. Principal: Michael S. Nelson, president. Assets: $25,000; liabilities: $80,000.
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.
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.
a.k.a. (also known as), d/b/a (doing business as) or t/a (trading as): an assumed name a person uses for a business instead of the actual business name or one's personal name. n/a: not available. L/P: Limited Partnership. P/A: Professional Association.