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

BANKRUPTCIES

November 30, 1992

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

NOVEMBER 19

* David R. Franklin, 1337 Severn Station Road, Severn. Owner of parts distribution business filed for Chapter 7. Assets: $79,310. Liabilities: $145,878.

* Marc Samuel DiPasquale and Donna Marie DiPasquale, 908 Fawn Court, Joppa. Insurance sales and promotion business filed for Chapter 13. Assets: $309,606. Liabilities: $378,745.

NOVEMBER 20

* Charles L. Birmingham, 1013 Wilda Drive, Westminster. Owner of 7-Eleven convenience store filed for Chapter 7. Assets: $4,325. Liabilities: $72,105.

* Betty J. Johnson and Charles T. Johnson, 934 Palladi Drive, Baltimore. Owners of driving school filed for Chapter 7. Assets: $18,745. Liabilities: $123,907.

NOVEMBER 23

* Carman Boat Builders Inc., 27514 Holland's Crossing Road, Marion. President: Ronnie L. Carman. Company filed for Chapter 7. Assets: $10,000. Liabilities: $60,340.

* David Dwayne Ober, 20120 Cameron Mill Road, Parkton. Owner of transportation business filed for Chapter 7. Assets: $17,347. Liabilities: $96,650.

* Amrit P. Baruah, 10786 Green Mountain Circle, Columbia. Owner of counseling business filed for Chapter 7. Assets:

$86,180. Liabilities: $109,999.

* Andrew's Food Co. Inc., 2529 Washington Blvd., Baltimore. President: Nicholas G. Athanasis. Food service distributor filed for Chapter 7. Assets and liabilities: $100,000-$499,000.

NOVEMBER 24

* Atlantic Food & Beverage Systems Inc. (d/b/a The Rock, Jasons, Bridgeview), 400 6th St., Annapolis. Restaurant and lounge filed for Chapter 11. President: James C. Foote. Assets: $200,000. Liabilities: $110,000.

* Gregory Allen Thomas, 698 Paddle Wheel Court, Millersville. Owner of landscaping business filed for Chapter 13. Assets: $114,144. Liabilities: $96,468.

The following are the most common types of filings under thBankruptcy 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 namperson uses for a business instead of the actual business name or one's personal name.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.