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

BANKRUPTCIES

November 01, 1993

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

OCTOBER 21

* West Bay Limited Partnership, 1615 York Road, Lutherville. Real estate acquisition and development company filed for Chapter 11. President: D. Richard Rothman. Assets: $1,275,000. Liabilities: $928,234.78.

* David I. Abramson, 3408 Janellen Drive, Baltimore. ASolo-practice public accountant filed Chapter 7. Assets: $50,000- Liabilities: $100,000-$499,000.

* Arthur Ross (t/a A&J Confectionary Store) 2729 Ellicott Drive, Baltimore. Retail/wholesale store filed for Chapter 13. Assets: $33,040.00. Liabilities: $63,206.43.

* Cynthia Ann Owens, 5930 Cross Country Boulevard. Nursing care provider filed for Chapter 13. Assets and liabilities: under $50,000.

OCTOBER 22

* Ronald Scott Rego, (aka Ron Rego), 9610 Quarry Bridge Road, Columbia. Comic book firm filed for Chapter 13. Assets and liabilities: Under $50,000.

* Tee'd Off Indoor Golf, 16 Greenview Ave., Reisterstown. Golf simulation store filed for Chapter 7. President: Kenneth D. Coleman. Assets: $30,730.16. Liabilities: $110,429.18.

OCTOBER 25

* Kim Toppin, (aka Kim Humpries), 9212 Oswald Way, Apt. 3A, Baltimore. Auto mechanical firm filed for Chapter 7. Assets: $4,795.00. Liabilities: $14,400.00.

* Ollie Gorham Sr. and Shirley Gorham, 917 Painted Post Road, Pikesville. Licensed day-care provider filed for Chapter 7. Assets: $91,175.00. Liabilities: $130,055.71.

*

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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