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

BANKRUPTCIES

December 28, 1992

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

DEC. 17

Charles David Jackson Sr., 1717 Bayside Beach Road, Pasadena. The Longshoreman filed for Chapter 7. Assets: $9,595. Liabilities: $177,652.

Guy Michael Nelson, (d/b/a Empire, d/b/a GBTA), 1029 Springhill Way, Gambrills. Provider of cleaning services filed for Chapter 13. Assets: Under $50,000. Liabilities: $50,000-$99,000.

DEC. 18

Rodney Samuel Bounds (t/a Rod Bounds Electric), Route 1, Box 415, Eden. Electrical contractor filed for Chapter 7. Assets: $55,112. Liabilities: $79,339.

New Horizon Building Systems Inc., 100 Susquehanna Court, Havre de Grace. Construction company filed for Chapter 7. Principal: Kevin P. Ulrich. Assets: $10,979. Liabilities: $80,672.

American Beeper Associates Limited Partnership (t/a Page Plus Regional Messaging Network), c/o Edward R. Parker, 5511 Staples Mill Road, Richmond, Va. Principal assets at 8325 Guilford Road, Columbia. Provider of paging devices and operator of paging network filed for Chapter 11. (Transferred from Virginia). President and director: Edward J. Dyas. Assets: $1,028,189. Liabilities: $723,832.

Pager Communication Corp. (Federal Messaging Service), 8325 Guilford Road, Suite A, Columbia. General partner of American Beeper Associates L.P. filed for Chapter 11. (Transferred from Virginia). President and director: Edward J. Dyas. Assets: $10,171. Liabilities: $179,001.

DEC. 21

Philip Lewis White (t/a White Bros. Trucking), 6619 Bushey St., Baltimore. Mr. White filed for Chapter 13. Assets and liabilities: Under $50,000.

Bruce Ira Reamer and Suzanne Elizabeth Reamer, 1002 Sitka Spruce Lane, Eldersburg. Owners of restaurant filed for Chapter 7. Assets: Under $50,000. Liabilities: $100,000-$499,000.

Zip Stop Inc. (Stevenson Sailing Systems), 605 Talbot St., St. Michael's. Company making sails filed for Chapter 7. Vice president: William H. Stevenson. Assets: $1,203. Liabilities: $268,528.

* Milton W. Bosley & Co. Inc., 151 8th Ave. N.W., Glen Burnie. Manufacturer of architectural wood and metal mouldings filed for Chapter 11. President: M. Bosley Wright. Assets: $581,891. Liabilities: $980,647.

*

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.

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 person uses for a business instead of the actual business name or one's personal name.

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