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

BANKRUPTCIES

September 14, 1992

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

SEPTEMBER 4

* Derby Steel Inc., 4600 E. Wabash Ave., Baltimore. Construction company filed for Chapter 7. President: Stephen T. Kimball. Assets: Under $50,000. Liabilities: $100,000-$499,000.

* Samuel Turner, 429 N. Eutaw St., Baltimore. Restaurant owner filed for Chapter 11. Assets: $361,808. Liabilities: $128,452.

SEPTEMBER 8

* Ambach Warehouse Sales Inc., 9956 York Road, Cockeysville. In voluntary petition for Chapter 7 filed by Dobbin Road Venture Limited Partnership, 10420 Little Patuxent Parkway, Suite 100, Columbia, for $78,333; Catalina Products Corp., 2455 McDonald Ave., Brooklyn, N.Y., for $586; Faribault Woolen Mill, 1500 N.W. Second Ave., Faribault, Minn., for $1,315.

SEPTEMBER 9

* Hardware Connection Inc. (Edmore Supply & Hardware, The HDWE Connection and McDonogh Harware), 6300 Georgetown Blvd., Suite 103, Eldersberg. Hardware business filed for Chapter 7. President: Barry Myron Rutkin. Assets: $35,100. Liabilities: $115,805.

The following are the most common types of filings under the U.S. Bankruptcy Code.

OC 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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