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

BANKRUPTCY REPORT

April 20, 1992

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

April 9

Timothy Whittington (TLC Design and Construction), 317 Westhine Road, Baltimore. Mr. Whittington filed for Chapter 7. Assets: $2,850. Liabilities: $212,926.

Laredo Limited Partnership, c/o Emory Hill and Associates Inc., 7250 Parkway Drive, Suite 100, Hanover. Real estate business filed for Chapter 11. Principal: R. Clayton Emory. Assets: $4,293,456. Liabilities: $4,547,403.

April 10

Joan Mary Heavey (Joan Randolph), 50 Prospect Bay Drive, Grasonville. Motel operator filed for Chapter 7. Assets: $209,689. Liabilities: $56,398.

Wesley Howard Johnson and Bonnie Lee Johnson, 10 Regester Ave., Baltimore. Mr. Johnson, a computer consultant, and Ms. Johnson, a realty agent, filed for Chapter 7. Assets: $27,859. Liabilities: $108,638.

Robert Mason and Lois Mason (Delmar Equipment), 1752 Appleton Road, Elkton. Lawn and garden equipment company filed for Chapter 11. Assets: $892,013. Liabilities: $907,685.

James Brian Padgett (J&J Enterprises), 107 Kipling Court, Abingdon. Home construction company filed for Chapter 7. Assets: $6,307. Liabilities: $145,278.

April 13

Anthony Paul Cerverizzo and Jacqueline Lee Cerverizzo, 4313 Owensbrook Court, West River. Owner of tanning salon filed for Chapter 7. Assets: $11,279. Liabilities: $74,291.

Greensboro Hardware Inc., 102 S. Main St., Greensboro. Hardware store filed for Chapter 7. Principal: John Michael Arnold. Assets: $88,250. Liabilities: $384,244.

John Michael Arnold and Margaret Ann Arnold (Greensboro Hardware Inc.), 101 Academy St., Greensboro. Owner of hardware store filed for Chapter 7. Assets: $297,709. Liabilities: $376,126.

Mary Elizabeth Bernstein, 49 Bay Drive, Annapolis. Delivery company filed for Chapter 7. Assets: $2,600. Liabilities: $57,260.

April 14

The Top Banana Inc., 1629 Thames St., Suite 400, Baltimore. Corporate advertising company filed for Chapter 7. Principal: June Pringle. Assets: $49,348. Liabilities: $406,295.

Raymond Burr Witczak (Snappers Seafood and Steaks Market), 3603 Harford Road, Baltimore. Seafood and meat market filed for Chapter 13. Assets: $6,478. Liabilities: $85,781.

Leonard Apper, 8810 Sonya Road, Randallstown. Real estate business filed for Chapter 11. Assets and liabilities: Under $50,000.

April 15

Ernest J. Keyworth (Parsonage House Properties and McKeys Rentals), 709 Harness Creek View Drive. Mr. Keyworth filed for Chapter 11. Assets: $920,031. Liabilities: $1,057,223.

U.S. Message Corp., 6610 Tributary St., Suite 300, Baltimore. Telephone answering and message service filed for Chapter 11. President: Andrew H. Lupton. Assets: $2,056,850. Liabilities: $7,887,369.

Arms Corp. of America Inc., 4424 John Ave., Baltimore. Arms manufacturer filed for Chapter 11. Principal: John H. Friese. No assets. Liabilities: $183,335.

Robert L. Pierson and Caprice M. Pierson, 711 Farrow Court, Bel Air. Day-care business filed for Chapter 13. Assets: $133,713. Liabilities: $131,821.

Richard D. Weaver, 322 Limestone Valley Drive, Cockeysville. Construction company filed for Chapter 7. Assets: $9,565. Liabilities: $51,740.

Robert James Lindsay Jr. and Karen Verner Lindsay, 319 N. Washington St., Easton. Construction and painting company filed for Chapter 7. Assets: $20,143. Liabilities: $41,713.

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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