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

BANKRUPTCIES

October 12, 1992

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

OCTOBER 2

* Jeffrey S. Harris Inc., 10247 Bird River Road, Baltimore. Hauling contracting company filed for Chapter 11. Assets: $120,500. Liabilities: $147,792.

* Herman Israel Venick, 3212 Timberfield Lane, Pikesville. Principal in a carburetor rebuilding corporation filed for Chapter 7. Assets: $300,392. Liabilities: $1,866,329.

* John William Gamrod (Bay Waterproofing & Construction, Climate Shield Waterproofing & Construction), 103 Sharon Drive, Pasadena. Waterproofing and home construction business filed for Chapter 7. Assets: $5,614. Liabilities: $103,151.

* Teresa A. Samuels, 8111 Sumter Ave., Baltimore. Owner of decorating business filed for Chapter 7. Assets: $10,820. Liabilities: $20,682.

* Laura E. Hoehn, 7913 Highpoint Road, Baltimore. Owner of child-care business filed for Chapter 7. Assets: $102,320. Liabilities: $148,545.

OCTOBER 5

* Gold Star Video Inc., 517 Linden Ave., Pocomoke. Video sales and rental company filed for Chapter 7. Principal: N.A. Assets: $1,470. Liabilities: $24,617.

OCTOBER 6

* Spectrum Photo Lab Inc. (Ultimate Greetings, Solar Graphics and First Impression), 12636 Sunset Ave., E4, Ocean City. Manufacturer and wholesaler of photo-related greeting cards, business cards and novelties filed for Chapter 11. President: Ken Hubert. Assets: $517,306. Liabilities: $364,223.

* P & J Contracting Co. Inc., 3010 Ridgewood Ave., Baltimore. General contractor filed for Chapter 11. President: Pless B. Jones Sr. No assets. Liabilities: $1,357,815.

*

The following are the most common types of filings under the 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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