The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland in Baltimore City:
* G & C Enterprises Inc., 644 S. Philadelphia Road, Aberdeen, wholesalers of tools to the construction trade filed for Chapter 7. Principal: Charles F. Huhn Sr., president. Assets: under $50,000; Liabilities: over $1 million
* Matthew Lee and Lisa Jean Todd, d/b/a M & L Trucking, 1002 Cedar Creek Road, Baltimore, hauling and excavating, filed for Chapter 7. Assets: $8,969; Liabilities: $416,573.29
* Sunrise Paving Inc., 8200 Harford Road, Parkville, filed for Chapter 7. Principal: Michael Smith, president. Assets: $151,613.16; Liabilities: $793,166.63
* Larry J. Andrews Construction Co., 4823 Westfield Road, Hampstead, filed under Chapter 7. Principal: Larry J. Andrews, president. Assets: under $50,000; Liabilities, under $50,000
* Help International Inc., 4217-21 Primrose Lane, Baltimore, a charity, filed for Chapter 7. Principal: David H. Brown, president. Assets: under $50,000; Liabilities, under $50,000
* Jobmasters Contracting Inc., 1716 Parkvue Road, Fallston, filed under Chapter 7. Principal: Albert T. Wilson, president. Assets: $1,300; Liabilities: $91,884
* Matrix Management Systems Inc., 212 E. Main St., Salisbury, provider of corporate computer research, filed for protection under Chapter 11. Principal: Eugene B. Slear Jr., president. Assets: $29,100; Liabilities: $74,000
* 72 Inc., 104 Cove Creek Court, Stevensville, d/b/a MAACO Auto Painting & Bodyworks, has filed Chapter 7. Principal: Jack W. Witty, president. Assets: $1,203; liabilities: $638,692.60
* James Franklin Jr. and Rhonda Roxanne Rash, 57 Wilson Road, Rising Sun, d/b/a Rash Trucking, a stone and gravel hauler, filed for Chapter 7. Assets: $48,405.79; Liabilities: $201,980.16
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.