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

BANKRUPTCY REPORT

June 29, 1992

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

June 19

Charles Systems Corp., 8836 Washington Blvd., #203, Jessup. Installer of siding filed for Chapter 7. President: Chul W. Kim. Assets: $111,527. Liabilities: $223,898.

Wayne L. French, 9 Menteith Court, Baltimore. Landscaper filed for Chapter 7. Assets: $3,795. Liabilities: $13,359.

Antonio DiSalvo (Pesugi's Carry Out), 1504 Ashburnham St., Crofton. Owner of restaurant filed for Chapter 13. Assets and liabilities: Under $50,000.

Tolle Brothers Partnership (Overland Farms), 13401 Manor Road, Baldwin. Farmer filed for Chapter 12, the adjustment of debts of a family farmer with regular annual income. Principals: Howard Tolle Jr., Howard Tolle III and George A. Tolle. Assets and liabilities: $500,000-$999,000.

Central Child Care Inc., 211 Mayo Road, Edgewater. Child-care center filed for Chapter 7. President: Jane B. Timberg. Assets: $13,627. Liabilities: $347,342.

June 22

Triangle Atlantic Corp., 812A Oregon Ave., Linthicum. Manufacturers representative filed for Chapter 11. President: Thomas E. Topping. Assets: $100,000. Liabilities: $120,000.

June 23

Daniel Jerome Heacock Sr., 15209 Jarrettsville Pike, Monkton. Auto mechanic filed for Chapter 7. Assets: $4,066. Liabilities: $31,982.

Used Pianos Inc. (Richard Baker), 9159 Red Branch Road, Columbia. Seller of used pianos filed for Chapter 7. President: Arthur Richard Baker. No assets. Liabilities: $56,518.

June 24

Wayne Felix Raymond, 6412 Kriel St., Baltimore. Musician filed for Chapter 7. Assets: $3,650. Liabilities: $69,058.

Meggas Petroleum Corp., 4042 Steels Neck Road, Vienna. Installer and remover of underground storage tanks filed for Chapter 7. President: Glenn E. Shockley. Assets: $82,621. Liabilities: $202,648.

Mark R. Corcoran and Faith A. Corcoran, 200 President St., Annapolis. Retailer of cycle and ski equipment filed for Chapter 7. Assets: $5,990. Liabilities: $172,637.

Julia A. Cribbin, 5525 Walther Ave., Baltimore. Newspaper carrier filed for Chapter 7. Assets: $1,709. Liabilities: $17,694.

Charles G. Stoecker (Stoecker Farms), 2501 Gibson Road, White Hall. Farmer filed for Chapter 12, the adjustment of debts of a family farmer with regular annual income. Assets: $500,000- $999,000. Liabilities: $100,000-$499,000.

Oscar L. Savage Jr., 2023 N. Pulaski St., Baltimore. Provider of income tax services filed for Chapter 7. Assets: $20,010. Liabilities: $297,655.

Picture Perfect Inc., 6B Jefferson St., Berlin. Drapery design and installation company filed for Chapter 7. President: Colleen Smith. Assets: $8,117. Liabilities: $58,490.

Carmen Awilda Torres, Montessori Day School, Suite 110, Harpers Farm Office Center, 5999 Harpers Farm Road, Columbia. Owner of day school filed for Chapter 7. Assets:

Under $50,000. Liabilities: $100,000-$499,000.

John M. Parlier and Rochelle Rodriguez-Parlier, 105 Cypress Drive, North East. Retailer of Mary Kay cosmetics filed for Chapter 7. Assets: $83,531. Liabilities: $125,535.

John Thompson Westerlund Jr. and Marjorie Miller White (Plane Tree Building & Design, Westerlund B&D), 5859 Benson Road, Finksburg. Mr. Westerlund and Ms. White filed for Chapter 13. Assets: $119,000. Liabilities: $129,754.

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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