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

BANKRUPTCY REPORT

March 09, 1992

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

Feb. 27

Baltimore Realty Management Co., 205 E. Joppa Road, Suite 2301, Towson. Real estate management company filed for Chapter 11. President: John C. Chanoski. Assets: $196,000. Liabilities: $110,488.

Feb. 28

Darrell K. Carter (Liberty Recruitment Agency), 726 Reservoir St., Baltimore. Operator of rental properties and recruiting agency filed for Chapter 13. Assets: $556,146. Liabilities: $251,927.

Patapsco Valley Associates, Ellicott City. Company filed for Chapter 11. Assets and liabilities: N.A.

Smart Names Inc. (PSA Inc., Emptor Mailing Services, PSA Emptor, Smart Names). Involuntary bankruptcy filing. No other information available.

March 2

Turnkey Builders (Overseas) Inc., 102 Main St., Suite 203-A, Stevensville. Overseas construction company filed for Chapter 11. Chairman: Peter S. Bromiley. Assets: $1,685,607. Liabilities: $2,774,380.

Richard Douglas Thate (RDT Enterprises, Add-A-Deck), 5 Louis Edwards Cout, Hunt Valley. Mr. Thate filed for Chapter 7. Assets and liabilities: N.A.

Clay Street Enterprises Inc. (Backstage Cafe & Caterers) filed for Chapter 7.

March 3

Georgina Ida Sprenkle (Creative Office Services), 429 Virginia Ave., Baltimore. Provider of office services filed for Chapter 13. Assets: $114,611. Liabilities: $117,900.

Vernon F. Schmidt, 425 Brooks Court, Glen Burnie. Retailer and wholesaler of cycle and ski equipment filed for Chapter 7. Assets: $14,774. Liabilities: $166,367.

The Columbia Woodmaster Inc., 7175 M Oakland Mills Road, Columbia. Construction company filed for Chapter 7. Principal: Hung Ngo. Assets: $2,610. Liabilities: $53,432.

March 4

Harold Thomas Mullins, 533 Fern Road, Riva. Drywall contractor filed for Chapter 13. Principals: Harold Thomas Mullins and Rebecca Ann Mullins. Assets: $101,905. Liabilities: $85,300.

Thomas Robert Litzenberger (Tommy's Quality Towing), 431 N. Marlyn Ave., Baltimore. Towing service filed for Chapter 7. Assets: $67,600. Liabilities: $94,780.

Nicholas Edward Calloway (NEC Transportation, NEC Pallett), 5920 Lone Pine Road, Rhodesdale. Mr. Calloway filed for Chapter 7. Assets: $24,842. Liabilities: $110,792.

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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