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

BANKRUPTCIES

September 06, 1993

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

Aug. 26

* United Painting and Decorating, 30 Burke Ave., Towson. Painting business filed for Chapter 7. Principal: Charles Casgrain Williams Jr. Assets: $112,420. Liabilities: $149,053.

* Walter J. Munroe and Judith L. Munroe, 102 Severn Way, Arnold. Principals in retail/wholesale gasoline service station business filed for Chapter 7. Assets: $745,900. Liabilities: $639,063.

Sept. 1

* Freestate Lock & Security, 534 Fuselage Ave., Baltimore. Lock and key service business filed for Chapter 13. Principal: Gilbert Persichitti Jr. Assets: under $50,000. Liabilities: under $50,000.

*

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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