Recent bankruptcy filings in U.S. District Court in...

BANKRUPTCY REPORT

April 13, 1992

Recent bankruptcy filings in U.S. District Court in Baltimore.

April 2

Hillcroft II Limited Partnership, 10005 Old Columbia Road, #L-265. Columbia. Office building developer filed for Chapter 11. President: Frederick W. Glassberg. Assets: $923,720. Liabilities: $411,358.

Tri-Jay Inc., 103 Philadelphia Road, Joppa. Pump repair business filed for Chapter 7. Principal: Leland W. Johnson. Assets and liabilities: Less than $50,000.

Mark C. Debelius, 1809 Harford Road, Benson. Music teacher filed for Chapter 7. Assets: $7,800. Liabilities: $22,858.

April 3

Parker Metal Decorating Co. Inc., 1301 S. Howard St., Baltimore. Lithography and metal decorating company filed for Chapter 11. President: Winslow H. Parker Jr. Assets: $1,598,094. Liabilities: $1,332,961.

Russell Realty Inc. (Century 21, Bay Country Realty), 821 E. Springhill Road, Salisbury. Real estate business filed for Chapter 7. President: George Russell Jones. Assets: $2,500. Liabilities: $41,297.

Charles G. Lansinger Jr., 205 Shipping Creek Drive, Stevensville. Consultant filed for Chapter 13. Assets: $189,417. Liabilities: $213,608.

April 6

Dorothy Ann Mansfield (Mansfield Travel Agency), 5415 N. Skipjack Drive, Cambridge. Travel company filed for Chapter 7. Assets: $31,196. Liabilities: $105,747.

jTC Steven Michael Harker, 10035 Bonita Drive, Ocean City. Carpentry subcontractor filed for Chapter 7. Assets: $5,096. Liabilities: $772,956.

April 7

Mullis Tyrus Raymond (Mullis Video Services), 1540 S. Hanover St., Baltimore. Video production and consulting company filed for Chapter 7. Assets: $1,785. Liabilities: $68,015.

Draw Inc., 1113 S. Ponca St., Baltimore. Restaurant and nightclub filed for Chapter 11. Principal: Kathleen S. Ward. Assets and liabilities: Less than $50,000.

Richard E. Harris, 907 St. Andrews Way, Bel Air. Insurance agent filed for Chapter 7. Assets: $163,980. Liabilities: $155,862.

Daniel L. Walsh, 6 Melanie Court, Baltimore. Child-care business filed for Chapter 13. Assets: $120,010. Liabilities: $119,825.

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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