A bankruptcy listing in Monday's MBW did not refer to the...

BANKRUPTCY REPORT

August 05, 1991

A bankruptcy listing in Monday's MBW did not refer to the Prescott Square apartments at 4404 Old Court Road. The table referred to apartments with the same name in Connecticut.

The Sun regrets the errors.

Recent business filings in the U.S. District Court in Baltimore.

JULY 23

National Insurance Agency Inc., 1301 S. Hanover St., Baltimore. Debtor filed for Chapter 7. Assets: $100,000; liabilities $159,503. Kathareen Doebeseiner, main stockholder.

FOR THE RECORD - CORRECTION

hTC George A. Branham, trading as White Wolf Indian Trading Post, 8940 Dogwood Road, Baltimore. Maker of Indian-style jewelry, clothing and crafts filed Chapter 7. Assets: $100,210; liabilities: $162,274.

Towson Hess Inc., 1613 E. Joppa Road, Towson. Gas station filed Chapter 11. Principal, Ken Higgs, president. Assets: $33,910; liabilities: $62,017,090.

Atlantic Custom Builders Inc., 12980 Clarksville Pike, Clarksville. Home improvement company filed Chapter 7. Principal, Frank Karakostas, president. Assets: $15,365; liabilities: $59,476.

Span Marc Electronics Inc., 10840 Guilford Road, Annapolis Junction. Debtor filed Chapter 11. Assets: $108,831; liabilities $459,002.

Riva Venture, 2552 Riva Road, Annapolis 21407. Real estate partnership involuntarily filed for Chapter 11. Assets: N.A.; liabilities: N.A.

Aviation Consumer Services Inc. of Woodbine, Carroll County. Gerard Guadet, president. Company filed for Chapter 11. Assets: $195,000; liabilities: $474,919.

Homeland Acres, L.P., 540 Baltimore-Annapolis Blvd., Severna Park. Joseph Swartz, president. Developer of Homeland East town house development filed under Chapter 11. Assets: N.A.; liabilities: N.A.

Prescott Square Ltd., 11403 Cronhill Drive, Owings Mills. William Orlove, president. Owners of Prescott Square Apartments filed Chapter 11. Assets: more than $1 million; liabilities: more than $1 million.

Copy Cats III t/a Glen Burnie Copy Center, 7472 Baltimore-Annapolis Blvd., Glen Burnie. Debtor filed for Chapter 7. Assets: N.A.; liabilities: $38,980.

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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