The following are recent business filings in U.S. District...

BANKRUPTCY REPORT

October 22, 1990

The following are recent business filings in U.S. District Court in Baltimore.

OCT. 9

Donald Walter Hixon and Shirley Ellen Hixon (Hixon's Game Birds), Whitesville Road, P.O. Box 149, Pittsville. Debtors filed for Chapter 7. Principals: Donald Walter Hixon and Shirley Ellen Hixon. Assets: $87,342. Liabilities: $105,784.

Laptops Etc. Corp. (New Perspectives Inc.), 305 York Road, Towson. Retailer of laptop computers filed for Chapter 11. Principal: Edward C. Dow. Assets: $1 million. Liabilities: $3 million.

Laptops Inc. (New Perspective Inc.), 305 York Road, Towson. Retailer of laptop computers filed for Chapter 11. Principals: Edward C. Dow. Assets: $185,000. Liabilities: $220,000.

R. J. Mayberry Contracting Inc., 3239 Lucky Drive St. Contractor filed for Chapter 11. Principal: R. John Mayberry. Assets: $41,300. Liabilities: $33,072.

OCT. 10

John Patrick Darda (Italian Touch Deli), 1404 Banavie Terrace West, Bel Air. Delicatessen filed for Chapter 7. Principal: John Patrick Darda. Assets: $181,857. Liabilities: $78,641.

Kenneth Allen Mowery (Kenco Contracting Co.), 5009 Columbia Road, Apt. 203, Columbia. Contractor filed for Chapter 7. Principal: Kenneth Allen Mowery. Assets: $8,274. Liabilities: $44,043.

Parkway Glass Corp., 10075 N. Second St., Laurel. Glass installation company filed for Chapter 7. Principal: Vincent Grinder and Jack Carruthers. Assets: $17,300. Liabilities: $66,900.

Spindletop Corp. Perry Hall, 4132 Joppa Road, #104, Perry Hall. TCBY franchise filed for Chapter 7. Principals: Lloyd E. Elliot and Nan Marsh Bowen. Assets: N.A. Liabilities: $134,565.

OCT. 11

Paul G. Henderson, 4 Mandel Court, Columbia. Foreign trade and development firm filed for Chapter 11. Principal: Paul G. Henderson. Assets: less than $50,000. Liabilities: between $500,000 and $999,000.

OCT. 12

4905 Harford Road Partnership, 4905 Harford Road, Baltimore. Owner of a residential and a non-residential building filed for Chapter 11. Principals: John Chester and Philip Brown. Assets: $85,000. Liabilities: $100,900.

James S. Leanos Inc., P.O. Box 10634, Baltimore. Commercial and industrial real estate broker filed for Chapter 11. Principals: James S. Leanos and D. Henriette Leanos. Assets: $31,706. Liabilities: $125,272.

Mr. Chair Inc. (Homeland Quality Furniture), 6300 Georgetown Blvd., Eldersburg. Furniture retailer filed for Chapter 7. Principals: Rosalind Garowitz and Kenneth Garowitz. Assets: $0. Liabilities: Stansbury 40 West Inc., 6741 Baltimore National Pike, Baltimore. Stereo, video and audio retailer filed for Chapter 11. Principal: Milton Schwartzman. Assets: $420,589. Liabilities: $615,866.

Stansbury Perry Hall Inc., 8712 Belair Road, Baltimore. Stereo, video and audio retailer filed for Chapter 11. Principal: Milton HTC Schwartzman. Assets: $357,691. Liabilities: $648,603.

Stansbury Poplar Place Inc., 1709 Poplar Place, Baltimore. Stereo, video and audio retailer filed for Chapter 11. Principal: Milton Schwartzman. Assets: $2,607,836. Liabilities: $2,085,133.

Stansbury Timonium Inc., 2080 York Road, Timonium. Stereo, video and audio retailer filed for Chapter 11. Principal: Milton Schwartzman. Assets: $356,294. Liabilities: $319,996.

Weddings & Floral Boutique Inc., Campus Hills Shopping Center, 2420 Churchville Road, Bel Air. Wedding business filed for Chapter 7. Principal: Stephen L. Strozykowski. Assets: $51,748. Liabilities: $317,749.

OCT. 15

Mid-Atlantic Optics Inc., 69 West Timonium Road, Timonium. Optical laboratory filed for Chapter 11. Principals: Cheryl Krome and Nathan Krome. Assets: $200,000 (approximately). Liabilities: $900,000 (approximately).

OCT. 16

Cara's Cafe, 34 Market Place, Baltimore. Restaurant filed for Chapter 11. Principals: Daniel M. Collins, Maryann T. Collins, Eugene McNerney and Rebecca McNerney. Assets: $4,450. Liabilities: $95,324.

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.

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