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

BANKRUPTCIES

December 14, 1992

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

DECEMBER 3

* Baycraft Fiberglass Engineering Inc., 1700 Clark Road, Havre de Grace. Manufacturer of fiberglass products filed for Chapter 11. President: Jerry R. Davis Jr. Assets: $1,467,040. Liabilities: $1,315,260.

* Areschock Inn, 132 Kirwan Landing Lane, Chester. Building contractor and owner of restaurant/bar filed for Chapter 7. President: John R. Schock. No assets. Liabilities: $32,769.

* Lou J. Jackson and Elicia Jackson, 1534 Stonewood Road, Baltimore. Real estate business filed for Chapter 7. Assets: $61,470. Liabilities: $125,266.

DECEMBER 4

* David C. Bartlett and Carol A. Bartlett, 7444 Worcester Highway, Newark, Md. Owner of wholesale building supply company filed for Chapter 11. Assets: $246,093. Liabilities; $182,447.

* Lorraine's Inc., 9637 Reisterstown Road, Owings Mills. Restaurant filed for Chapter 11. President: Larry Denmark. Assets: $20,000. Liabilities: $85,000.

* Mil-Tech Machine Inc., 7526 Connelley Drive, Suite E, Hanover. Machinery business filed for Chapter 11. President: Thomas J. Dorsey. Assets: $172,775. Liabilities: $270,175.

* John Smith & Son Plumbing & Heating Contracting Inc., 1700 Magnolia Ave., Baltimore. Plumbing and heating business filed for Chapter 11. President: John Smith. Assets: $45,975. Liabilities: $59,910.

* Andrew H. Rinaldi and Rosann E. Rinaldi (d/b/a R&S Construction Diamond Pools), 794 Biggs Highway, Rising Sun. Owners of pool construction business filed for Chapter 7. Assets: $11,928. Liabilities: $308,213.

* Kristi Lee Tobey (KLT Enterprises), 5978 Turnabout Lane, Apt. 10, Columbia. Owner of retail sales business filed for Chapter 7. Assets: $2,535. Liabilities: $28,317.

* Gregory Allen Wright, 110 Dia

mond Ave., Salisbury. Builder filed for Chapter 7. Assets: $89,350. Liabilities: $108,927.

* Patrick Michael Reilly, 202 Northview Road, Bel Air. Owner of construction business filed for Chapter 7. Assets: $5,586. Liabilities: $98,643.

* Joe N. Dixon, 789 Dividing Creek Road, Arnold. Commercial diving contractor filed for Chapter 13. Assets: $250,000. Liabilities: $200,000.

DECEMBER 8

* Hammonds Ferry Inc., (t/a G&M Restaurant), 804 N. Hammonds Ferry Road, Linthicum. Restaurant, carryout and bar filed for Chapter 7. President: George Tsimpoulos. Assets: $50,000. Liabilities: $956,976.

DECEMBER 9

* The Printing Emporium Inc., 7722 Ritchie Highway, Glen Burnie. Printing business filed for Chapter 11. President: Eva Vogt. Assets: $277,760. Liabilities: $201,128.

* Capitol Seafood Inc. (Purity Seafood Inc.), 7901 Oceano Ave., Jessup. Seafood distributor filed for Chapter 11. President: Scott Taylor. Assets: $3,900,000. Liabilities: $5,700,000.

* Ralph R. Blankenship and Charlotte J. Blankenship, 306 Hollingsworth St., Elkton. Cleaning service filed for Chapter 7. Assets: $83,385. Liabilities: $140,153.

* 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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