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

BANKRUPTCIES

April 11, 1994

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

* March 31

* Flow Industries Inc., a dealer in waste water treatment equipment, 9633 Liberty Road, Randallstown, filed Chapter 11. Principal: Kathleen M. Martucci. Assets: $400,000; liabilities: $780,456.69

* David B. Reyes Inc., t/a Dave's Pine Orchard Sunoco, 10214 Baltimore National Pike, Ellicott City, filed Chapter 7. Principal: D. B. Reyes. Assets: under $50,000; liabilities: over $100,000

April 1

* O & B Inc., an auto parts retailer, t/a Hercules Auto Parts, 3820 Liberty Heights Ave., Baltimore, filed Chapter 7. Principal: William D. Orr. Assets: $42,894; liabilities $22,279.31

* Central Atlantic Mechanical Inc., located in Centerville, filed Chapter 7. Principal: Jack N. Wilson Jr., president. Assets: $8,873; liabilities: $113,548

* Roger Brent Brown, t/a Thrifty RV, 2800 Shepperd Road, Monkton, filed Chapter 11. Principal: Roger B. Brown. Assets: n/a; liabilities: over $100,000

* Visual Systems Co., 1009 Cathedral St., Baltimore, a graphics and fine arts supply house, filed Chapter 11. Principal: H. Granville Smith, president. Assets: $8,900,000; liabilities: $6,000,000

April 4

* QBIC, d/b/a Quality Building Inspection Corp., 10005 Old Columbia Road, Columbia, filed Chapter 11. Principal: Richard Gautereaux. Assets: $21,000; liabilities: $404,396.15

* MILCO Electric Corp., a.k.a Milco Electric, 5300 Patterson Road, Baldwin, filed Chapter 7. Principal: Donald Nissley, president. Assets and liabilities not shown.

April 5

* The Judkins Associations Inc., steel fabricators, 1300 Carroll St., Baltimore, has filed Chapter 7. Principal: Thomas E. Judkins, president. Assets: $11,600; liabilities: $120,879.59

* Kornacki Inc., d/b/a First Impressions, a real estate subleasing agency, filed Chapter 11. Principal: Dennis Kornacki, president. Assets: $42,658; liabilities: $94,165

NOTE: A Feb. 7 listing for Andrews Co. Inc., d/b/a Spittel's, a seafood restaurant and bar at 1115 N. Rolling Road, erroneously reported the type of filing. The company filed for reorganization under Chapter 11.

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.

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