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

BANKRUPTCIES

October 05, 1992

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

SEPTEMBER 24

* Sierra Leather Limited, 31 Allegheny Ave., Towson. Retail store filed for Chapter 11. President: Alan Scherr. Assets: $154,000. Liabilities: $198,774.

* Paul D. Bederson, DDS P.A., 912-A Taylor Ave., Towson. Owner of dental clinic filed for Chapter 7. Assets: Under $50,000. Liabilities: $50,000-$99,000.

* Steven E. Schultz, 36 Juneway Lane, Ocean Pines, Berlin. Owner of heating and air-conditioning company filed for Chapter 7. Assets and liabilities: $1,000,000-$9,999,000.

* Henley Limited, 7 N. Harrison St., Easton. Retailer of menswear and accessories filed for Chapter 7. President: Michael Kowalski. Assets: $72,689. Liabilities: $292,010.

SEPTEMBER 25

* Donna L. Carter, 11601 Harford Road, Glen Arm. Owner of housecleaning business filed for Chapter 7. Assets: $2,565. Liabilities:

$21,243.

SEPTEMBER 28

* Newman Johnston III, Southeast Creek Road, Church Hill. Mr. Johnston filed for Chapter 11. Assets and liabilities: $500,000- $999,000.

* Richard S. Rigney and Regina Rigney, 2306 Cloverdale Drive, Fallston. Owner of coffee service filed for Chapter 7. Assets: $166,825. Liabilities: $209,300.

SEPTEMBER 29

* William Henry Handy, 1915 Spring Hill Road, Salisbury. School bus contractor filed for Chapter 11. Assets and liabilities: $100,000-$499,000.

* Impact 3 Inc., Suite G, 7320 Parkway Drive, Hanover. Screen printing and trade show display company filed for Chapter 11. President: Frederick Galliano. Assets: $39,014. Liabilities: $137,021.

SEPTEMBER 30

* Irving R. Beck and Charlotte G. Beck,2505 Smith Ave., Baltimore. Owners of retail store filed for Chapter 7. Assets and liabilities: $100,000-$499,000.

* Jack David Marshall, P.O. Box 434, Fort Howard. Owner of contracting service filed for Chapter 7. Assets: $20,500. Liabilities: $97,433.

* 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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