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

BANKRUPTCIES

November 23, 1992

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

NOVEMBER 12

* Frederick W. Glassberg 11737 Route 108, Clarksville. Developer and manager of industrial and office buildings filed for Chapter 7. Assets: $684,384. Liabilities: $16,693,523.

* Marbury L. Councell Associates Inc. (t/a Councell Associates), 7906 Galloping Circle, Woodlawn. Company filed for Chapter 7. President: David Councell. Assets: $100,000-$499,000. Liabilities: Under $50,000.

* Cornerstone Professionals Inc., 8827 Columbia 100 Parkway, Suite 1A, Columbia. Sales company filed for Chapter 7. President: Charles H. Troxel. Assets: $2,520. Liabilities: $117,832.

* Gene Leonard Sturgis and Candace Lillian Sturgis (d/b/a Park Heights Auto Service), 1609 Crestleigh Court, Finksburg. Mr. and Mrs. Sturgis filed for Chapter 7. Assets and liabilities: Under $50,000.

* Larry Gene Joyner and Pearl Joyner, 2418 Woodcroft Road, Baltimore. Owners of home improvement business filed for Chapter 7. Assets: $113,381. Liabilities: $143,325.

NOVEMBER 13

* Dennis S. Peterson, 517 Nollmeyer Road, Baltimore. Owner of boatyard and marina filed for Chapter 11. Assets: $1,094,550. Liabilities: $681,035.

* Mediterranean Restaurant Inc., 4901 Eastern Ave., Baltimore. Restaurant filed for Chapter 11. President: Nicholas Karvounis. Assets: $50,000. Liabilities: $343,000.

* A-1 Auto Parts Inc., 5218 Fairlawn Ave., P.O. Box 5825, Baltimore. President: Jerome A. Venick. Auto parts store filed for Chapter 11. Assets and liabilities: Under $50,000.

* Walter L. Ragan and Deeanna A. Ragan, 197 Cowan Road, Port Deposit. Owners of construction business filed for Chapter 7. Assets: $7,180. Liabilities: $15,662.

* Mark J. Marcinski and Madalyn C. Marcinski, 103 E. Overlea Ave., Baltimore. Construction business filed for Chapter 7. Assets and liabilities: $100,000-$499,000.

* Med-Care Associates Inc., 625 G Baltimore Boulevard, Westminster. Medical care provider filed for Chapter 7. Assets: $737. Liabilities: $73,737.

NOVEMBER 16

* Marvin H. Gertz and Iris Gertz (d/b/a Gertz's Card Fashions), 3228 Greenmead Road, Baltimore. Card and gift shop filed for Chapter 11. Assets: $105,800. Liabilities: $89,014.

* Lloyd E. Elliott and Nan Marsh Bowen, 2331 Old Court Road, Baltimore. Beauty consultant filed for Chapter 7. Assets: $213,610. Liabilities: $353,151.

NOVEMBER 18

* Michael L. Delaney and Betty J. Delaney, 5726 George Island Landing Road, Stockton. Newspaper delivery business filed for Chapter 7. Assets: $81,825. Liabilities: $112,077.

* Bernard Paul and Shirley Paul, 7205 Chalkstone Terrace, Apt. T-1, Baltimore. Proprietors of Bernie's Express at 2245 E. Fayette St. in Baltimore filed for Chapter 7. Assets: $9,325. Liabilities: $34,300.

* Atlantic Screenprint Corp., P.O. Box 6727, 1201 Barbud Lane, Annapolis. Company filed for Chapter 7. President: Catherine L. Krohn. Assets: $390. Liabilities: $30,680.

*

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.

* d/b/a (doing business as) or t/a (trading as): an assumed name a person uses for a business instead of the actual business name or one's personal name.

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