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

BANKRUPTCIES

September 20, 1993

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

Sept. 9

* Roy L. Testerman and Linda D. Testerman, 3443 Wilson Road, Street, Md. Principals in farming business filed for Chapter 7. Assets: $54,475. Liabilities: $154,511.

Sept. 14

Ra Mar Homes Inc., 7610 Spruce Road, Baltimore. Construction business filed for Chapter 7. President: Steven J. Hessler. Assets: $0. Liabilities: $110,000.

Sept. 15

* Mark A. Kellman, 246 S. East Ave., Baltimore. Principal in bookkeeping business filed for Chapter 7. Assets: $1,650. Liabilities: $133,867.

* Perrow Auto Brokers Inc., 13634 Meadow Glen, Clarksville. Retail/wholesale auto broker business filed for Chapter 7. President: Jack Perrow. Assets: $0. Liabilities: $33,888.

* Jerome J. Skotarski, 1211 Griffith Place, Bel Camp. Contractor filed for Chapter 7. Assets: $5,807. Liabilities: $31,201.

* U.S. Taekwondo Center Inc., 672 Old Mill Road, Millersville. Martial arts school filed for Chapter 7. President: Chan Hon Park. Assets: $100,000-$499,000. Liabilities: $10,000-$99,999.

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.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.