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


March 28, 1994

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

March 17

* Octavia, Inc., Village Square, 5100 Falls Road, Baltimore, a women's clothier, filed under Chapter 11. Principal: Hammond J. Dugan IV, president. Assets: $371,499.72. Liabilities: $388,862.

* William V. Clark 1324 Ashburton Drive, auto repairs, filed under Chapter 7. Assets: $38,325. Liabilities: $69,998.


* Timothy R. Swift, Builder, Inc., 1201 Dairy Road, Parkton, a construction firm, filed under Chapter 7. Principal: T. R. Swift. Assets: $1,100. Liabilities: $129,060.

* The Pad Farm Inc., printers, 6212 York Road, Baltimore, filed for protection under Chapter 11. Principal: Wendy H. Rode, president. Assets: $2,800. Liabilities: $379,849.

* River Glen Estates Inc. 3040 Sandy Hook Road, in Street, filed under Chapter 11. Principal: John DeMeo, president. Assets: n/a. Liabilities: over $200,000.


* 1804 Corp. , restaurant, 1804 Pulaski Highway, Edgewood, filed under Chapter 11. Principal: Jimmie McNeal, president. Assets: n/a. Liabilities: $625,031.

* R. E. Phillips Restaurant, 412 Camden Ave., Salisbury, filed under Chapter 7. Principal: Richard Elie Phillips. Assets: $1,896. Liabilities: $110,883.

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 individuals o businesses, this chapter is primarily intended to allow an ongoing business to restructure its debt. A successful reorganization depends on filing a plan and its approval by creditors and the court.

CHAPTER 13 -- Adjustment of debts of an individual with regula 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.

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