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

BANKRUPTCIES

October 18, 1993

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

OCTOBER 7

* Michael J. Levin and Waltraud Levin, 4003 Balmoral Road, Baltimore. Owners of Levin Furniture Co. Inc. filed for Chapter 7. Assets: $94,500. Liabilities: $197,336.

* Helicraft Inc., A Maryland Corporation, 2131 Baldwin Mill Road, Fallston. Business filed for Chapter 7. President: Joel M. Levin. Assets and liabilities: Under $50,000.

* Donald Michael Srebroski, 8067 Long Branch Terrace, #12, Glen Burnie. Mr. Srebroski filed for Chapter 7. Assets: $2,300. Liabilities: $76,123.

OCTOBER 8

* Gary Lee Bradley and Phyllis Jean Bradley, 115 E. Red Hill Road, Conowingo. Principals in transportation business filed for Chapter 7. Assets: $172,746. Liabilities: $151,978.

* Cherished Moments Ltd., 24 W. Bel Air Ave., Aberdeen. Gift shop filed for Chapter 7. President: Larry L. Hendershot. Assets: $12,110. Liabilities: $41,120.

OCTOBER 12

* Ruth R. Wilson, 3003 Wayne Ave., Baltimore. Provider of home care for senior citizens filed for Chapter 13. Assets: $40,915. Liabilities: $34,050.

* Charles Arthur Oakley Jr. (Chuck Oakley Welding Service)10753 St. Martins Neck Road, Bishopville. General contractor filed for Chapter 7. Assets: $7,277. Liabilities: $33,022.

OCTOBER 13

* Dang Inc. (Hunan Restaurant), 1957 West St., Annapolis. Chinese restaurant filed for Chapter 11. President: You Sheng Wang. Assets: $35,000. Liabilities: $121,886.

* Gene Gilbert Associates Inc., P.O. Box 321, Stevenson. Jewelry store filed for Chapter 7. President: Leonard W. Gilbert. Assets: $1,793. Liabilities: $334,671.

* John E. Pugh, 7111 Willowdale Ave., Baltimore. Private investigator filed for Chapter 7. Assets: $150,718. Liabilities: $122,002.

* Roberta Laufer, 1823 Rambling Ridge Lane, Baltimore. Principal in antique shop filed for Chapter 7. Assets: $28,367. Liabilities: $55,909.

*

The following are the most common types of filings under the 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 person uses for a business instead of the actual business name or one's personal name.

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