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


April 25, 1994

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

April 14

* Kevin Patrick Finnigan, t/a /National Recovery Systems, 6117 Chanceford Road, Catonsville, a debt collection agency, has filed for Chapter 7. Principal: K. P. Finnigan. Assets: $9,943.55; liabilities: $55,071.55

April 15

* Comm-Tech Audio Visual Inc. at 3525 Clipper Road, Baltimore, an audiovisual services company, filed under Chapter 11. Principal: W. Craig Kenney, president. Assets: $323,836.26; liabilities: $300,332.11

* Somerset Land Partnership, 10936 Market Lane, Princess Anne, operating a motel, has filed for protection under Chapter 11. Principal: John E. Schade, partner. Assets: under $50,000; liabilities over $1,500,000

April 18

* Canyon Equipment Co. Inc., a broker in used heavy equipment at 8125 Waterloo Drive, Ellicott City, filed Chapter 7. Principals: Joseph I. Robichaud, president. Assets $11,425; liabilities: $78,293.93

April 19

* Joyce Audrey Gowie-Gamble, a consulting practice at 5189 Columbia Road, Columbia, has filed under Chapter 13. Assets and liabilities are under $50,000 each.

April 20

* Stefan J. Paslawsky, operating an auto body repair shop in Aberdeen, filed Chapter 7. Assets: $37,370.25; liabilities: $38,680.49

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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