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

BANKRUPTCIES

December 13, 1993

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

DEC. 1

* Chesapeake Med Care, 8332 Bristol Court, in Jessup, an urgent care medical center, has filed under Chapter 11. Principal: Salvatore Oliverio, president. Assets: $350,000; Liabilities: $558,000.

DEC. 2

* Patapsco Valley Farms, 8729 Dogwood Road, Woodlawn, a landscape nursery, filed under Chapter 11. Principal: James J. Jett, owner/president. Assets: $500,000.; Liabilities: $1,000,000.

* Giuffre-Scotto Ltd. t/a Scarlett Cove Cafe, a restaurant at 200 S. President St., Baltimore, filed under Chapter 7. Principal: Anthony Giuffre, president. Assets: $95,000; Liabilities: $336,305.

* Charles P. Simpson a wholesaler/retailer at 33 Bangert Ave. in Perry Hall, filed under Chapter 13.

Principal: Charles P. Simpson. Assets: $224,700; Liabilities: $248,702.

DEC. 6

* Besttco Tile & Marble Inc., 2252 Stanton Drive, Westminster, filed under Chapter 13. Principal: Michael Earl Bywaters. Assets: None. Liabilities: $157,527.04

DEC. 7

* James R. Klima, certified financial planner, 10310 Pine Ridge Court, Ellicott City, filed under Chapter 7. Principal: James Roy .. Klima. Assets: $245,034. Liabilities: $257,151.87

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.

*

a.k.a. (also known as), 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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