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

BANKRUPTCIES

January 04, 1993

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

DEC. 23

* Elite Business Applications Inc., P.O. Box 300, 796 Cool Glade Court, Millersville. Computer products company filed for Chapter President: Gary Hoffer. Assets: $30,000. Liabilities: $299,980.

* Jeffrey L. Brown and Mary Beth Kipke, 4 Skywood Court, Baltimore. Owners of real estate management business filed for Chapter 11. Assets: $100,000-$499,000. Liabilities: $500,000- $999,000.

* Patricia Elizabeth Wilson, 425 E. Gittings St., Baltimore. Owner of janitorial service filed for Chapter 13. Assets: $66,100. Liabilities: $89,939.

* Nathan L. Krome and Cheryl A. Krome, 2316 Bayernschmidt, Baltimore. Sellers of optometrical products filed for Chapter 7. Assets: $100,000-$499,000. Liabilities:$1,000,000-$9,999,000.

* DPK Corp. (d/b/a NK Graphics-Baltimore Inc., Action Comp Co.), 214 Gaywood Road, Baltimore. Computerized typesetting company that closed in October 1991, filed for Chapter 7. No assets. Liabilities: $307,385.

DEC. 28

* David Van Schaik (d/b/a Lamplighter), Route 2, Box 178, Preston. Retail/wholesale business filed for Chapter 7. Assets: $133,344. Liabilities: $171,688.

DEC. 29

* Mason Dixon Fire Equipment Inc., 21 Valley Bottom Road, A-16, Aberdeen. Emergency vehicle repair and restoration company filed for Chapter 11. President: Charles Vanarsdale. Assets: $80,000. Liabilities: $300,000.

* Metropolitan Imaging Associates Inc., A Maryland Corporation (d/b/a Metropolitan Imaging Center, M.I.A.), 940 W. North Ave., Baltimore. Provider of radiological diagnostic imaging services filed for Chapter 7. Principal: Leslie C. Griffin. Assets: Under $50,000. Liabilities: $1,000,000-$9,999,000.

* Marcus Construction Inc., A Maryland Corporation, 611 Sun Spot Road, Reisterstown. Construction business filed for Chapter 7. President: Douglas L. Marcus. No assets. Liabilities: $63,652.

* Peter D. Bowley, 2 Glen Way, Baltimore. Owner of design business filed for Chapter 7. Assets: $7,295. Liabilities: $36,167.

* Frank C. Jannuzzi (d/b/a Jannuzzi Brothers Realty Co.), 1322 S. Charles St., Baltimore. Business filed for Chapter 7. Assets: $906,448. Liabilities: $2,528,343.

DEC. 30

* Paco Contractors, 8 Sudbrook Lane, Baltimore. Construction general contractor filed for Chapter 11. Principal: William Johnson. Assets: $116,959. Liabilities: $585,323.

* George Edward Albrecht and Audrey Mae Albrecht (d/b/a A&B Tile Co.), Route 4, Box 410, Salisbury. Ceramic tile installation company filed for Chapter 7. Assets: $64,871. Liabilities: $86,247.

*

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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