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

BANKRUPTCIES

April 12, 1993

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

APRIL 2

* Walter Henry Bedford, 3405 Springdale Ave., Baltimore. Principal in retail business filed for Chapter 7. Assets: $59,575. Liabilities: $68,587.

* John D. Albrecht and Kristi A. Albrecht,1810 Trout Farm Road, Jarrettsville. Principals in transportation business filed for Chapter 7. Assets: $135,165. Liabilities: $248,441.

* Frank Luke Simoni, 2501 Boston St. Baltimore. Principal in restaurant business filed for Chapter 7. Assets: $60. Liabilities: $747,875.

* Modular Trading Inc., P.O. Box 359, Phoenix. Supplier and installer of modular trailers filed for Chapter 7. President: Walter A. Lauenau. Assets: Under $50,000. Liabilities: $100,000-499,000.

APRIL 5

* Barry K. Posson, 1135 Silver Leaf Drive, Arnold. Principal in painting business filed for Chapter 7. Assets: $130,860. Liabilities: $125,709.

* Patricio K. Alban (Sports Elite), 111 Ravenwood Court, Joppa. Principal in retail sporting goods business filed for Chapter 7. Assets: $25,194. Liabilities: $83,224.

APRIL 6

* Douglas A. Smith and Elaine B. Smith, 3331 N. Chatham Road, Apt. D, Ellicott City. Principals in construction business filed for Chapter 7. Assets: $5,929. Liabilities: $129,472.

* Sterling Properties Association III Inc. (Bayside Marina Association Joint Venture), 7133 Rutherford Road, Baltimore. Marina filed for Chapter 11. President: Sterling L. Leppo. Assets: $2,153,671. Liabilities: $5,117,347.

APRIL 7

* L. P. Fleming Jr. Hauling Inc., 9502 Half Dollar Court, Columbia. Principal in hauling business filed for Chapter 7. President: Luther Fleming Jr. Assets: $20,800. Liabilities: $1,620,688.

* 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 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 instead of the business name or one's personal name.

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