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

BANKRUPTCIES

November 15, 1993

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

Nov. 4

* Richard E. Ward, (d/b/a Ward & Marshall Building Supply) 3496 State Street, Crisfield. Retail building supply company filed for Chapter 7. Principal: Steven R. Marshall. Assets: $10,332. Liabilities: $259,258.18.

* Elan Vital Corporation, 133A Lee Drive, Annapolis. A holistic health retreat center filed for Chapter 7. Principals: Kathern Oddenino, president; Anita Crouch, vice president; and Sarah Pernell, secretary. Assets: $356. Liabilities: $1,990,405.97.

* Delmarva Ice Company Inc., (d/b/a Rock Hall Ice Co.), Sharp and Chesapeake streets, Rock Hall. Manufacturer of ice filed for Chapter 7. Principals: Michael B. Gormley, secretary-director, and K. J. Patel, director.

NOV. 5

* George W. Leidner, 2812A Bayshore Drive, Ocean City. Homebuilding firm filed for Chapter 7.

Principal: Mary Elizabeth Leidner. Assets: $165,899.20. Liabilities: $448,983.39.

NOV. 8

* Mark McFarland, (d/b/a K Ram Systems), 1173 Gateway Drive, Annapolis. Distributor of computer hardware and memory filed for Chapter 7. Assets: $5,200. Liabilities: $30,948.91.

*Arno R. Arndt and Barbara Arndt, (d/b/a A & M Lawn Service), 26610 Crackerstown Road, Crisfield. Lawn service company filed for Chapter 7. Assets: $6,329.43. Liabilities: $16,158.41.

* Sana U. Ahmad and Asifa P. Ahmad, 4205 Rustic Entry Road, Salisbury. Operator of various convenience stores filed for Chapter 7. Assets: $193,179. Liabilities: $360,695.30.

NOV. 9

* Philip Katz, 11944 Simpson Road, Clarksville. Manufacturer of stock computer paper filed for Chapter 11. Assets: $100,000 to $499,000. Liabilities: $1,000,000 to $9,999,999.

* Regional Building Systems Inc., 5560 Sterrett Place, Columbia. Construction company filed for Chapter 11. Principals: Terry L. Nagelvoort, chairman; Ann McGee, secretary; Ervin J. Bolks; J. Frederick Huckvale; Thurman W. Bretz; Edward C. Craig; Allan W. Preusch and Raymond B. Rudy. Assets: $6,298,000. Liabilities: $7,328,000.

* Herbert L. Crawford, 15534 Foxhall Trail, Woodbine. Insurance firm filed for Chapter 11. Assets and liabilities: Under $50,000.

Nov. 10

* The Perfect Auto Radiator & Welding Co., 215 E. Federal St., Baltimore. Auto radiator and air conditioning repair service filed for Chapter 11. Principals: Joyce B. Kirchner, president, and Joseph W. Kirchner. Assets: $150,597.75. Liabilities: $376,991.

* Charlie T. Cole, (d/b/a Harney Woodworking), 5955 Conover Drive, Taneytown. Cabinet manufacturing and woodworking firm filed for Chapter 11. Assets: under $50,000. Liabilities: $100,000 to $499,999.

* 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 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.

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