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

BANKRUPTCIES

February 08, 1993

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

JAN. 29

* Helen M. Blakey, 2800 Pelham Ave., Baltimore. Music teacher filed for Chapter 7. Assets: $55,677. Liabilities: $98,516.

* Double D Mechanical Contractors Inc., 6500 Baltimore Ave., Baltimore. Construction business filed for Chapter 11. President: Michael Edward DuDonis. Assets: $40,000. Liabilities: $59,000.

* Odenton Office Supplies Inc., 8288 Telegraph Road, Odenton. Office supply company filed for Chapter 7. President: Donna Salisbury. Assets: $20,000. Liabilities: $267,638.

FEB. 2

* Aegis International Inc., 512 Plumtree Road, Bel Air. Home improvement company filed for Chapter 7. President: Samuel N. McNutt Jr. No assets. Liabilities: $108,000.

FEB. 3

* Philip Nathan Pascoe and Judith Leatherman Pascoe (d/b/a Act I Video), 4267 Sycamore Drive, Hampstead. Mr. and Mrs. Pascoe filed for Chapter 7. Assets and liabilities: $100,000- $499,000.

* David H. Gertz, 3736 Parkfield Road, Baltimore. Principal in auto parts store filed for Chapter 7. Assets: $137,699. Liabilities: $49,680.

* 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.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.