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

BANKRUPTCIES

February 14, 1994

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

FEB. 3

* Bernard DiPasquale III consultants practice, 1202 Jomat Drive, Joppa, filed for Chapter 7. Assets: $270,480; liabilities $682,070

* William and Staci Virgilio, a home fire safety company at 1031 Bayner Road, Baltimore, filed for Chapter 13. Assets: $93,623; liabilities: $104,983.46

FEB. 4

* Reisterstown 24-hour Veterinary Complex Inc. 501 E. Main St., Reisterstown, filed for Chapter 11. Principal: Billy Wayne Benson, president. Assets and liabilities were not available.

FEB. 7

* All American Towing Inc., a vehicle towing operation at 2924 Waterview Ave., Baltimore, filed for Chapter 11. Principal: Charles Robert Walls, president. Assets: $172,500; liabilities: $225,358.26

* R. F. Cleckner Builders Inc. of Pasadena, a construction and home improvement company, filed for Chapter 7. Assets: none; liabilities: $73,355

FEB. 8

* Har-Land Express 3200 James St., Baltimore, a transport company, filed for Chapter 11. Principal: Harlen Pope, president. Assets: $1,100,000; Liabilities: $807,081

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. n/a: not available.

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.