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

BANKRUPTCY REPORT

April 27, 1992

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

April 16

Samuel Alexander Demby (Sam's Construction), 194 McQuay Road, Severna Park. Construction business filed for Chapter 13. Assets: $150,641. Liabilities: $87,630.

Eastern Paging Corp., 8325 Guilford Road. Suite A, Columbia. Paging service filed for Chapter 11. President: Jeffrey Cunningham. No assets. Liabilities: $2,810,704.

Plaza Market Inc. (Brown Derby #4), 2801 Old Ocean City Road, Salisbury. Convenience store and gasoline seller filed for Chapter 11. President: Gary R. Hutchison. Assets: $125,000. Liabilities: $160,000.

April 20

Michael's Power Equipment Center Inc., 25 West Aylesbury Road, Timonium. Retailer of lawn equipment and related products filed for Chapter 11. President: Michael W. Reesey. Assets: $252,242. Liabilities: $298,361.

James P. Downey (Investek), 6423 Goldenoak Drive, Linthicum. Mr. Downey filed for Chapter 7. Assets: $5,215. Liabilities: $23,032.

Leba Jean Scarborough Busbaum, 11125 Ivy Bush Lane, Columbia. Real estate business filed for Chapter 13. Assets: $165,200. Liabilities: $308,892.

Stephen Earl Stanley (S. E. Stanley Trucking, S. E. Stanley & Son), 7733 Harmonds Road, Hanover. Mr. Stanley filed for Chapter 7. Assets: $1,585. Liabilities: $5,494,870.

April 21

Jimmy E. Peters, 1553 Teal Drive, Ocean City. Development/marketing and sales/consulting business filed for Chapter 7. Assets: $783,814. Liabilities: $11,070,779.

Ronald Paul Sprouse (A-1 Electric Service, Jack Sprouse), 8133 Arminger Drive, Pasadena. Electrical service and contracting company filed for Chapter 7. Assets: $7,500. Liabilities: $96,270.

April 22

Hart Floral Enterprises (Sterling Florists, Beltway Florist, Potomac Florist), 9501-A, All Saints Road, Laurel. Florist filed for Chapter 11. Principal: Charles Gary Hiden. Assets: $20,654. Liabilities: $435,953.

Frederick Rovecamp, 12 E. Preston St., Baltimore. Real estate developer filed for Chapter 13. No assets. Liabilities: $1,137,609.

John H. Ruth Jr., 24 Stewarton Court, Baltimore. Accountant filed for Chapter 7. Assets: $82,730. Liabilities: $101,348.

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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