These are recent business filings in U.S. District Court...

BANKRUPTCY REPORT

November 26, 1990

These are recent business filings in U.S. District Court in Baltimore:

NOV. 15

1200 S. Federal Limited Partnership, 36 S. Charles St., Baltimore. Hotel filed for Chapter 11. Principals: Gary A. Goldstein, Erik Straub and Bruce Phillipson. Assets: $5.2 million. Liabilities: $3.3 million.

James & Associates, 561 Market St., Johnsonburg, Pa. Real estate investor filed for Chapter 13. Principal: V. Joseph James. Assets: between $100,000 and $499,000. Liabilities: between $100,000 and $499,000.

John Richard Smullen Jr. and Deborah Ann Smullen (Smullen's Automotive Repair Service), 304 Atlantic Ave., Salisbury. Debtors filed for Chapter 7. Principals: John Richard Smullen Jr. and Deborah Ann Smullen. Assets: less than $50,000. Liabilities: between $50,000 and $99,000.

NOV. 16

Federal Equipment Sales & Service Inc., 728 Belair Road, Bel Air. Seller of auto equipment filed for Chapter 7. Principals: Rita Fellerman and Robert Fellerman. Assets: $20. Liabilities: $188,709.

NOV. 19

Annapolis Copy Center, 45 Old Solomons Island Road, Annapolis. Printing and copying center filed for Chapter 11. Principal: Christine Montgomery. Assets: $48,916. Liabilities: $259,660.

Walter Gary Howard and Rebeccah Eileen Howard (Body Health & Fitness Club), 119C Revells Neck Road, Westover. Debtors filed for Chapter 7. Assets: $8,642. Liabilities: $38,578.

Pharmakinetics Laboratories Inc., 302 W. Fayette St., Baltimore. Biopharmaceutical, clinical, efficacy and toxicology testing company filed for Chapter 11. Principals: PK Deutschland GmbH, IBR Sterner Forschungs Kg Partnership, IBR Sterner GmbH, IBR Forschungs GmbH Corp. and IBR Forschungs Bioanalytiaches BAC. Assets: $26,197,321. Liabilities: $19,504,158.

David Platt & Co. Inc., 1788 Union Ave., Building 3, Baltimore. Horticultural products wholesaler filed for Chapter 11. Principal: David Platt. Assets: $40,000. Liabilities: $120,000.

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 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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