Bankruptcies

August 30, 1993

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

Aug. 19

* Richard A. Ardavany, 900 Bank St., Annapolis. Principal in data systems engineering business filed for Chapter 7. Assets: $189,985. Liabilities: $259,826.

Aug. 20

* John B. Ryngwelski, 444 N. Linwood Ave., Baltimore. Principal in catering and seafood business filed for Chapter 7. Assets: $17,060. Liabilities: $47,240

* Wanda M. Ryngwelski, 444 N. Linwood Ave., Baltimore. Principal in catering business filed for Chapter 7. Assets: $15,025. Liabilities: $37,875.

* Richard E. VanDyke Jr. and Virginia S. VanDyke, 90 N. Fieldcrest Drive, Northeast. Principals in transportation business filed for Chapter 7. Assets: $116,795. Liabilities: $158,668.

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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. 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 a 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.

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d/b/a (doing business as) or t/a (trading as): a name a person uses instead of the business name or one's personal name.

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