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

BANKRUPTCIES

February 28, 1994

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

FEB. 10

* Kath-Lar Inc., d/b/a Larry's Last Chance, a bar at 642 S. Ponca Street, Baltimore, filed for protection under Chapter 11. Principal: Kathleen S. Kropp, president. Assets: $50,600; liabilities: $69,685.64

* James L. Mullaney, operating a law practice at 1009 Rosemont Drive, Joppa, filed for Chapter 7. Assets: $68,510; liabilities: $20,708

* Linda Emmart, a self-employed real estate agent, 14 Silverwood Circle #8, Annapolis, filed under Chapter 7. Assets: $83,570; liabilities: $116,398.14

FEB. 14

* Shield Source Inc. 220 VFW Ave., Grasonville, a wholesale/retail sales outlet and assembler of emergency lighting products, filed for Chapter 7. Principal: William Hagerty, president. Assets: $148,950; liabilities 529,186.67

FEB. 15

* Worldwide Seafood Inc., seafood wholesalers and retailers at 11435 Pulaski Highway, White Marsh, filed for Chapter 7. Principal: Joseph Crowe, president. Assets: $54,642.58; liabilities: $368,105.54

FEB. 16

* Personnel Search Inc., 7939 Honeygo Blvd., Baltimore, a provider of personnel and employment services, filed under Chapter 7. Principal: Anne S. Haas, president. Assets: under $50,000; liabilities: over $50,000

FEB. 22

* Victor J. Palacorolla, 413 S. Mount St., Baltimore, a pool table sales and repair business, filed under Chapter 13. Principals: Victor J. and Terry L. Palacorolla. Assets, liabilities each under $50,000

* Restoration Systems Inc., a waterproofing and construction company at 10746 York Road, Cockeysville, filed for Chapter 7. Principal: Geraldine Lazar, shareholder. Assets: $9,000; liabilities: $22,881.22

* Larry Coleman, agent/contractor for newspaper distribution, 3515 Cabot Road, Randallstown, filed for Chapter 13. Principals: Larry and Joyce Coleman. Assets: $136,450; liabilities: $124,719.05

* F. J. Kirchner Jr. Rentals Inc., heavy equipment rentals, 1912 Lincoln Drive, Annapolis, filed Chapter 11. Principal: Donna L. Kirchner, secretary. Assets: $177,436; liabilities: $191,562

FEB. 23

* Lighthouse Foods Inc., 373 Thompson Creek Mall, Stevensville, d/b/a Captain D's, a fast-food seafood restaurant, filed for Chapter 11. Principal: P. R. Drass, president. Assets: $478,386; liabilities: $608,029.86

* Lee T. Trouter, a.k.a Davis Bar & Restaurant, 400 Chester St., Annapolis, filed for Chapter 11. Assets: over $100,000; liabilities: $295,000

*

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.

not available.

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