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

BANKRUPTCY REPORT

August 03, 1992

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

July 23

Coastal Sheet Metal Inc., 5921 Moravia Park Drive, Building B-2, Baltimore. Construction/sheet metal company filed for Chapter 7. President: Eleanor Russell. Assets: $82,021. Liabilities: $119,796.

Richard D. Johnson, 1 Silopanna Court, Annapolis. Owner of cleaning business filed for Chapter 13. Assets: $63,560. Liabilities: $115,802.

July 24

Edward Joseph Koritzer Jr. and Hilda Jean Koritzer, 3024 Virginia Ave., Baltimore. Owner of Home insulation business filed for Chapter 7. Assets: $56,828. Liabilities: $172,333.

Corporate Floors Inc. (Atlantic Carpets), 8019 Belair Road, Suite 18, Baltimore. Corporate flooring business filed for Chapter 7. Principal: George A. Trocki. Assets and liabilities: Under $50,000.

Gregory K. Maus (T.K.G. Corp.), 2415 Parliament Drive, Abingdon. Contractor filed for Chapter 13. Assets: $162,833. Liabilities: $183,991.

Barren Creek Farms, Box 757, Mandella Springs. Vegetable and grain farm filed for Chapter 12, the adjustment of debts of a family farmer with regular annual income. Principal: Kenneth Bennett. Assets: $1,000,000-$9,999,000. Liabilities: $500,000- $999,000.

July 27

Gallery Distributors Inc., 11120 Pulaski Highway, White Marsh. Soft drink equipment sales and service company filed for Chapter 11. President: Michael J. Waltz. Assets: $675,308. Liabilities: $642,942.

Long Hill Partnership, 7977 Long Hill Road, Pasadena. Real estate business filed for Chapter 11. Principal: Francis X. Brewis Jr. Assets: Under $50,000. Liabilities: $100,000-$499,000.

Andemeskel H. Tedla, 626 Glynock Place, Reisterstown. Restaurant owner filed for Chapter 7. Assets: $78,700. Liabilities: $126,847.

Elbert C. Cordle and Beverly Cordle (Elbert C Cordle Sr. Trucking), 8361 Lockwood Road, Pasadena. Mr. Cordle filed for Chapter 7. Assets: $111,291. Liabilities: $571,297.

July 28

Pauline Teresa Davis, 535 East 38th St., Baltimore. Home care provider filed for Chapter 7. Assets: $53,625. Liabilities: $88,861.

Richard Jacob Mueller and Dorothy Hansen Mueller. 9918 Old Annapolis Road, Ellicott City. Owner of home improvement and commercial construction business filed for Chapter 7. Assets: $173,000. Liabilities: $2,090,840.

July 29

Pace Home Builders Inc., 1400 Gloster Ave., Baltimore. Remodeling and home building business filed for Chapter 7. President: William E. Card. No assets. Liabilities: $61,900.

Judith M. Grewell, 8214 Reservoir Road, Fulton. Real estate business filed for Chapter 7. Assets: $100,000-$499,000. Liabilities: $10,000,000-$99,000,000.

TML Inc. (Rohde's TV & Appliances), 17 Main St., Reisterstown. Provider of sales and service of televisions, appliances and other related items filed for Chapter 7. President: Bryan Weber. Assets: $4,200. Liabilities: $137,528.

Stansbury Satellite Inc., 6330 Frankford Ave., Baltimore. Provider of installation and service of satellite dishes filed for Chapter 7. President: Milton Schwartzman. Assets: Under $50,000. Liabilities: $50,000-$99,000.

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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