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

BANKRUPTCIES

March 08, 1993

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

FEB. 25

* A&G Martin Inc. (Postman Plus), Finksburg Plaza, 3000 Gamber Road, Suite 3, Finksburg. Provider of postal services filed for Chapter 7. President: Peter Eugene Martin Sr. Assets: Under $50,000. Liabilities: $50,000-$99,000.

* William T. Cummings and Betty Lou Cummings, Box 36, Barneck Road, Tilghman. Oysterman filed for Chapter 7. Assets: $85,150. Liabilities: $72,682.

* Clifford D. McGlothlin Sr. and Vikki L. McGlothlin, 3253 Rocks Chrome Hill Road, Jarrettsville. Hair stylist filed for Chapter 7. Assets: $178,515. Liabilities: $226,772.

* Willis J. Pennington and Sharon A. Pennington, 1120 Poplar Grove Road, Street. Truck driver filed for Chapter 7. Assets: $92,611. Liabilities: $99,434.

MARCH 1

* Jacobs Construction Co., P.O. Box 186, 1115 Baldwin Mill Road, Jarrettsville. Home improvement and general construction company filed for Chapter 7. President Jayne R. Jacobs. Assets: $225. Liabilities: $11,024.

* Jae H. Kim, 2720 Virginia Ave., Baltimore. Principal in computer business filed for Chapter 7. Assets: $11,736. Liabilities: $62,502.

MARCH 2

* William James Holmes (d/b/a Town & Country Appliances and Kitchens), 7904 Ardmore Ave., Baltimore. Mr. Holmes filed for Chapter 7. Assets: $154,880. Liabilities:

$155,000.

* James E. Green, 132 Wileys Lane, Pasadena. Principal in construction business filed for Chapter 7. Assets: Under $50,000. Liabilities: $100,000-$499,000.

* 3-Way Cabinets Inc. (t/a Design Masters), 3204 Frederick Road, Baltimore. Construction business filed for Chapter 7. President: James E. Green. Assets: $137,100. Liabilities: $226,309.

* Paul M. Weiss, 8735 Silver Hall Road, Perry Hall. Principal in law practice filed for Chapter 7. Assets: $198,157. Liabilities: $302,645.

* Douglas Alan White and Susan Rebukah White (t/a Auntie Anne's Pretzels) 1367 Cedar Ave., Annapolis. Principals in soft pretzel franchise filed for Chapter 7. Assets: Under $50,000. Liabilities: $50,000-$99,000.

MARCH 3

* Se Yong Chang, 3151 Thornapple Court, Abingdon. Principal in self-defense business filed for Chapter 13. Assets: $99,041. Liabilities: $176,676.

* Earl Howard Sounders (d/b/a Budget Instant Printing), 8750 F. Town & Country Blvd., Ellicott City. Principal in printing business filed for Chapter 7. Assets: $36,208. Liabilities: $259,746.

*

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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