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


January 25, 1993

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

JAN. 14

* Heather D&M Inc. 3011 Pulaski Highway, Edgewood. Retailer of videos, magazines and novelties filed for Chapter 11. President: Joan Myers. Assets: $750. Liabilities: $27,500.

* Tuerkes-Beckers Inc. (Tuerkes, Beckers) 10640 Iron Bridge Road, Savage. Luggage and leather goods chain filed for Chapter 11. President: William Tuerke IV. Assets: $8,409,400. Liabilities: $5,685,568.

* Stephen D. Riddle, 108B Elkwood Road, Elkton. Restaurateur filed for Chapter 7. Assets: $6,423. Liabilities: $208,242.

JAN. 15

* RLB Inc., 6212 Pennington Ave., Baltimore. Rental properties firm filed for Chapter 11. Chairman: Robert L. Brewis. Assets: $300,000. Liabilities: $127,000.

* Deborah J. Lee 3209 Lawnview Ave., Baltimore. Day-care operator filed for Chapter 7. Assets: $64,180. Liabilities: $69,647.

JAN. 19

* Alarmtron Security Systems, (Omega Security Systems) 4628 Kavon Ave., Baltimore. Alarm installation and monitoring company filed for Chapter 7. Sole shareholder: Charles D. Chalson. Assets: $3,510. Liabilities: $99,407.

JAN. 20

* Junius M. McCain 9D Queen Victoria Way, Chester. Owner of a real estate brokerage and rental business filed for Chapter 11. Assets: $100,000-$499,000. Liabilities: $100,000-$499,000.

* Kimberwood Corp., 1103 Lawyers Row, Centreville. Residential real estate development business filed for Chapter 7. Vice president: Ewald Kalmbach. Assets: Under $50,000. Liabilities: $100,000-499,000.

* Daddy's Money Inc. 864 Kenilworth Bazaar, Towson. Women's clothing store filed for Chapter 7. Principals: Judy F. Gioioso, Pamela VillaSanta. Assets: $16,850. Liabilities: $335,305.

* 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.

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.

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