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

BANKRUPTCIES

July 12, 1993

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

July 1

* Boardwalk Department Store Inc., 300 South Boardwalk, Ocean City. Retail/wholesale clothing, novelties business filed for Chapter 7. President: Martin Shapiro. Assets: $28. Liabilities: $109,381.

* Allen Debethizy, 2805 Clearview Ave., Baltimore. Principal in retail/wholesale auto parts business filed for Chapter 7. Assets: $2,281. Liabilities: $52,981.

* Maryland Window & Construction, 124 Route 3 South, Suite 4, Millersville. Construction business filed for Chapter 7. President: Rick Wingate. Assets: $30,000. Liabilities: $0.

* R.A. Wingate & Associates Inc., 202 Columbia Lane, Stevensville. Construction business filed for Chapter 7. President: Rick Wingate. Assets: $30,000. Liabilities: $14,697.

July 2

* Prime Technology Inc., 66 Loveton Circle, Sparks. Manufacturing business filed for Chapter 11. President: Michael W. Clary. Assets: $3,410,454. Liabilities: $3,410,454.

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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 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.

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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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