The Black Olive’s Bond Street building is safe — for now.

The building was set to face a foreclosure auction Wednesday, according to Alex Cooper Auctioneers.

Instead, The Black Olive owners filed for Chapter 13 bankruptcy, with the intent of temporarily stopping the foreclosure, Adam Freiman, an attorney for the Spiliadis family, said on Tuesday.

Considered one of Fells Point’s first “white tablecloth” restaurants, the tavern garnered praise over the last 30 years for its seafood and Mediterranean cuisine. The Spiliadis family, which runs the eatery, also owns the restaurant’s 814 South Bond St. building.

In recent months, a West Virginia bank holding company, WesBanco, filed a petition in Baltimore City Circuit Court to foreclose on the building, citing an unpaid $957,000 U.S. Small Business Administration loan for which the building was used as collateral. The debt is one of several weighing on the family, which has struggled to refinance.

Since early February, the family’s building was scheduled to be auctioned off Feb. 18 as part of a foreclosure sale. But on Tuesday that auction was canceled, according to auction agent Paul Cooper of Alex Cooper Auctioneers.

“The filing has nothing to do with the viability of the restaurant,” Freiman, the Spiliadis family lawyer, said in a statement. “This is a real estate dispute involving loans that the owners contend have been fully satisfied, and which the bank disputes.”

Freiman explained that the owners hope to resolve the disagreement while protecting the property. He added that the bankruptcy does not involve the “sale, shutdown, or transfer of the restaurant business.” A Chapter 13 bankruptcy allows individuals with regular incomes to repay debts over an extended period of time, under court supervision.

Filings with the United States Bankruptcy Court for the District of Maryland show owners Sotirios and Pauline Spiliadis declaring bankruptcy. Their son, Dimitris Spiliadis, previously filed two emergency motions in Baltimore City Circuit Court trying to stop the foreclosure sale. He said the sale would hurt the restaurant and cause irreparable harm to his family members, some of whom face health issues.

His parents accrued between $1 million and $10 million in liabilities and have less than $50,000 in assets, according to the bankruptcy filings. They owe more than 20 creditors, including banks, the City of Baltimore and the state of Maryland, court documents said.

The state values the 814-816 S. Bond St. building at $487,900 for tax purposes, according to assessment records.