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

BANKRUPTCIES

February 01, 1993

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

JAN. 21

* Cheryl A. Frederick and Donald L. Frederick (t/a Frederick Construction Company), 114 Waldron Ave., Baltimore. Home improvement and general construction company filed for Chapter 13. Assets: Under $50,000. Liabilities: $100,000- $499,000.

* David Erin Taylor (Castlewood Construction) 213 N. Hickory Ave., Bel Air. Mr. Taylor filed for Chapter 7. Assets: $21,141 (plus pension funds). Liabilities: $96,019.

* Carl Lee Whiteman and Lisa M. Whiteman, 823 Chatfield Road, Joppa. Principals in L & O Enterprises filed for Chapter 7. Assets: $107,296. Liabilities: $118,275.

* Torsten Anthony Boyd, 964 Dew Court, Gambrills. Principal in A & T Laminate filed for Chapter 7. Assets: $14,460. Liabilities: $31,908.

* Robert L. Marlin, 1210 Old New Windsor Road, New Windsor. Principal in Rabbitts Electronics filed for Chapter 7. Assets: $1,020. Liabilities: $5,014.

* DC-Martial Arts Inc. (JRI Karate, Jhoon Rhee Karate), 9000 Mendenhall Court, Columbia. Martial arts instruction business filed for Chapter 7. Vice president: James Rhee. Assets: $325. Liabilities: $115,750.

* John Nathan Eagle, c/o Mr. and Mrs. Charles Vaccorino, 2939 Whiteford Road, Whiteford. Principal in backhoe and excavation company filed for Chapter 7. Assets: $21,772. Liabilities: $64,751.

JAN. 22

* Harry & Phyllis Inc., 2617 Maryland Ave., Baltimore. Real estate rental business filed for Chapter 11. President: Harvey Caplan. Assets: $197,000. Liabilities: $134,100.

* North Carroll Electric Co. Inc., 2290 Snydersburg Road, Westminster. Commercial and residential electrical installation and service company filed for Chapter 11. President: Donald R. Yelton. Assets: $24,174. Liabilities: $139,969.

* Robert E. Molloy and Hedwig Molloy (d/b/a Robert E. Molloy and Associates). Mr. and Mrs. Molloy filed for Chapter 13. Assets and liabilities: $100,000-$499,000.

* Woodfield Gardens Inc., 2414 Pleasantville Road, Fallston. Nursery/landscaping business filed for Chapter 7. President: Peter Curro. Assets: $3,771. Liabilities: $136,114.

JAN. 26

* Towson Land Ltd. Partnership, c/o Trammell Crow, 7 St. Paul St., Suite 720, Baltimore. Involuntary petition for Chapter 11 filed by William M. Hesson Jr., managing partner Aplen Properties and equity partner in Towson Land Ltd. Partnership. Towson Land Ltd. Partnership owns and manages Court Towers, 210 W. Pennsylvania Ave., Towson. Assets: $16,500,000. Liabilities: $27,007,567.

* Stephen Michael Smith, P.O. Box 490, Yerkie Lane, Rock Hall. Commodity broker and self-employed waterman filed for Chapter 7. Assets: $4,230. Liabilities: $203,104.

JAN. 27

* James Thomas Marshall Jr., 2808 The Alameda, Baltimore. Principal in rental property business filed for Chapter 13. Assets and liabilities: $100,000-$499,000.

* Ernest Electrical Service Inc., 8390 Carol Drive, Pasadena. Electrical business filed for Chapter 7. President: Michael Ernest. Assets: $10. Liabilities: $9,800.

* Timothy Ryan Ragan (T.R. Ragan Construction), Janis Jaroi Ragan (J'Roi Custom Clothier), 1200 Grove Ave., Shady Side. Mr. and Mrs. Ragan filed for Chapter 7. Assets: $5,833. Liabilities: $51,764.

* 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.

*

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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