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

BANKRUPTCY REPORT

May 25, 1992

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

MAY 14

2952 Wyman Parkway Inc., Baltimore. Real estate company filed for Chapter 11. President: Rodney D. Gardner. Assets $90,000. Liabilities: $53,000.

Bayside Marina Associates Joint Venture (Castle Harbour Club, Castle Marina), Tackle Circle, Chester. Marina filed for Chapter Principal: Sterling L. Leppo. Assets and liabilities: $1,000,000- $9,999,000.

May 15

Joseph D. Boileau and Debra E. Boileau, 21 York Drive, Port Deposit. Subcontractor filed for Chapter 7. Assets: $21,515. Liabilities: $55,989.

A&M Air Conditioning & Refrigeration Inc., 6400 Frankford Ave., Unit 8, Baltimore. Air conditioning, refrigeration, heating installation and repair company filed for Chapter 7. Principal: Anita S. Schuler. Assets: $11,013. Liabilities: $70,192.

Jahander Masoori and Parissa Masoori, 10000 K Old Providence Way, Cockeysville. Taxicab driver filed for Chapter 7. Assets: $280. Liabilities: $17,026.

May 18

Robert P. Knight, 1643 Shannon O Circle, Severn. Video rental company filed for Chapter 7. Assets: $11,730. Liabilities: $23,662.

May 19

Walter M. Booth, 3311 Menlo Drive, Baltimore. Home improvement company filed for Chapter 13. Assets and liabilities: N.A.

Jon Christopher Scott, 1002 Misty Lynn Circle, Cockeysville. Diversified mechanical services company filed for Chapter 7. Assets: $15,384. Liabilities: $35,808.

Cambria Electric Inc., 1402 Old Pylesville Road, Whiteford. Electrical installation and repair company filed for Chapter 7. President: Frank A. Lowe. Assets: $6,038. Liabilities: $54,606.

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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