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

BANKRUPTCIES

March 01, 1993

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

FEB. 18

* Pegasus Partners Limited Partnership, 1500 Sulgrave Ave., Baltimore. Owner of a 256-unit apartment complex filed for Chapter 11. General partner: James Ginsburg. Assets and liabilities: $1,000,000-$9,999,000.

* Bernard B. Harris (d/b/a Harris Plumbing & Heating), 12360 Glynowings Drive, Reisterstown. Mr. Harris filed for Chapter 13. Assets: Under $50,000. Liabilities: $50,000-$99,000.

* Ellen M. Thurston (O.P. Eats, Doughmasters, Bud's Deli), Route 1, Box 162 E Market St., Willards. Ms. Thurston filed for Chapter 7. Assets: $96,900. Liabilities: $100,155.

* Paul C. Fleming (O.P. Eats, Doughmasters, Bud's Deli), Route 1, Box 162E Market St., Willards. Mr. Fleming filed for Chapter 7. Assets: $33,500. Liabilities: $74,458.

* Larry Donald Gilley (Environmental Pest Control, Blackcap Screening), 1700 W. Lombard St., Baltimore. Principal in pest control and investment property company filed for Chapter 7. Assets: $50,000-$99,000. Liabilities: $100,000-$499,000.

FEB. 19

* Joanne Holmes and Calvin T. Holmes (t/a Arundel Florist), 1218 Rock Hill Road, Pasadena. Florist filed for Chapter 13. Assets: $119,773. Liabilities: $171,216.

* Maryann C. Hargrove (t/a Pinelands Auto Sales), Cooper Mill Road, P.O. Box 87, Mardela Springs. Ms. Hargrove filed for Chapter 7. Assets and liabilities: $50,000-$99,000.

FEB. 22

* Charlene B. Dean, 240 Falcon Drive, Pasadena. Principal in personnel services business filed for Chapter 7. Assets: $8,914. Liabilities: $225,823.

* Michael Edward Mason (Mason and Associates Process and Recovery Agency), 8049 Del Haven Road, Baltimore. Mr. Mason filed for Chapter 7. Assets: $2,990. Liabilities: $15,838.

* Sean Douglas Welsh, 312 Norfolk St., Severna Park. Principal in construction business filed for Chapter 7. Assets: $2,225. Liabilities: $52,114.

FEB. 23

* Moneypenney Graphics Inc., 29 W. Susquehanna Ave., Suite 110, Towson. Advertising business filed for Chapter 7. President: Carol A. Cully. Assets: $1,064. Liabilities: $104,588.

FEB. 23

* Empire House Associates Ltd. (t/a Shockets, Shockets Fabrics & General Merchandise), 713 S. Broadway, Baltimore. Retailer of general merchandise filed for Chapter 11. President: Edward Lichtenberg. Assets: $137,820. Liabilities: $223,436.

* Complete Drywall Finishes Inc., 4287 Huntsman Trail, Hampstead. Drywall finishing company filed for Chapter 7. President: Ronald T. Schilling. Assets: $41,724. Liabilities: $321,173.

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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 debtors to repay creditors 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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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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