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

BANKRUPTCIES

September 07, 1992

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

AUGUST 28

* Gregory Charles Holt and Joyce Bennett Green, Route 1, Box 223, Mardela. Owner of trucking and hauling company filed for Chapter 11. Assets and liabilities: $100,000-$499,000.

AUGUST 31

* Coney Island Restaurant Inc., 413 East Baltimore St., Baltimore. Restaurant filed for Chapter 11. Principal: Sophie Chrissomallis. No assets. Liabilities: $329,697.

* Adlay E. Wike (Liz's Gift Shop), 5311 York Road, Baltimore. Ms. Wike filed for Chapter 7. Assets: $10,854. Liabilities: $179,439.

* Anthony Reginald Morgenthau and Elizabeth Ann Morgenthau, Springlake Way, Baltimore. Real estate and stock broker filed for Chapter 7. Assets: $422,232. Liabilities: $9,194,194.

* Elizabeth Iva Kelly, 38 Sandyhook Road, Berlin. Retailer of gifts and knickknacks filed for Chapter 7. Assets: $6,587. Liabilities: $89,362.

* James Edward Patrick and Penny Lee Patrick, Route 1, Box 53A, Preston. Provider of financial services filed for Chapter 7. Assets: $100,587. Liabilities: $167,177.

* The Heineken Group Inc., 811 Eastern Shore Drive, P.O. Box 1318, Salisbury. Advertising and marketing company filed for Chapter 7. Principal: Kendal L. Heineken. Assets: $9,327. Liabilities: $122,638.

SEPTEMBER 2

* Donald A. Wellmeier II, 1315 Aiken Ave. Extended, Perryville. Construction business filed for Chapter 13. Assets: $117,850. Liabilities: $94,075.

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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