The following are recent bankruptcy filings in U.S...


March 02, 1992

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

Feb. 19

White Marsh Truck Stop, 11424 Pulaski Highway, White Marsh. Owner of truck stop filed for Chapter 7. President: Carolyn Lynne DeGroat. Assets: $50,000 to $99,000. Liabilities: $100,000 to $499,000.

Philip Howard Collector, 3 Warren Lodge, Cockeysville. Real estate broker filed for Chapter 11. Assets and liabilities: More than $1 million.

Feb. 21

Barry E. Melton, 3740 Bonnie Ridge Place, Ellicott City. Landscaper filed for Chapter 7. Assets: $10,451. Liabilities: $58,808.

Roy A. Hamrick, 1 N. Bruce St., Laurel. Home improvement company filed for Chapter 7. Assets: $12,480. Liabilities: $23,952.

Feb. 24

Richard Keith Nicholson, 322 Cedar Lane, Annapolis. Fence installation company filed for Chapter 7. Assets: $10,307. Liabilities: $202,592.

Steven D. Sachs, 10 Redding Court, Baltimore. Consultant filed for Chapter 7. Assets: $109,210. Liabilities: $14,954,906.

Feb. 25

Sullivan Services Inc., 10671 Scaggsville Road, Laurel. Trucking business filed for Chapter 7. President: E. Kent Sullivan. Assets: $2,329. Liabilities: $869,931.

Feb. 26

Linville & Associates Inc., 1127 S. Howard St., Baltimore. Video production company filed for Chapter 11. President: Georgia J. Kidd Linville. Assets: $175,000. Liabilities: $185,000.

Theodore R. Harris, 4203 Fernhill Ave., Baltimore. Property rental company filed for Chapter 13. Assets and liabilities: Under $50,000.

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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