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

BANKRUPTCIES

March 07, 1994

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

FEB. 22

Owings Mills Sales Co. Inc., a.k.a OMSCI, d/b/a Dr. Denim & Mrs. Hyde, 5746 Baltimore National Pike, Catonsville, a retailer of contemporary fashions with three locations, has filed under Chapter 11. Principal: Scott Soroky, vice president. Assets: $147,000; liabilities: $671,000.

FEB. 25

H. E. England, dance instruction, at 6358 Barnett Ave., Eldersburg, has filed under Chapter 13. Principal: Holland Eugene England. Assets: $101,363; liabilities $122,635.35.

Kitchen & Bath World Inc., 10435 Reisterstown Road, Owings Mills, kitchen and bath sales and installation, has filed under Chapter 7. Principal: Anthony R. Mazzuca, president. Assets: none; liabilities $230,477.69.

Mil-Spec Fasteners Inc., Hampstead, a wholesaler and retailer of nuts and bolts, filed for protection under Chapter 11. Principal: George A. Yezulinas, president. Assets: $691,019; liabilities: $610,676.

MARCH 2

One Stop Auto Parts Inc., 3417 Greenmount Ave., Baltimore, d/b/a Hercules Auto Parts, has filed under Chapter 11. Principal: Ferdinand Greeff, president. Assets: $1,300,000; liabilities: $1,498,852.78.

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 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.

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