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

BANKRUPTCIES

May 02, 1994

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

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April 21

* Saros Brothers Contracting Inc., 527 S. Oldham St., Baltimore, filed for Chapter 7. Principal: Bill Psaromalis, president. Assets: $64,217; liabilities: $318,180.77

April 22

* Vinny's Pizzeria at 7850 Rossville Blvd., Parkville, a restaurant, filed for Chapter 13. Principal: John K. Farmer. Assets: $16,950; liabilities: $90,764

* Scott Edwards Carpet Service, 1244 Hilltop Drive, Annapolis, filed for Chapter 7. Principal: Scott A. Edwards. Assets: $12,548; liabilities $31,314

* Frank's Place, a bar and restaurant, 507 Loblolly Lane, Salisbury, filed for Chapter 11. Principal: Frank L. Willing. Assets: under $500,000; liabilities: over $300,000

April 25

* Pleasants Welding Co. Inc., a steel erection firm based in Linkwood, filed Chapter 7. Principal: Arlene Pleasants, secretary. Assets: none; liabilities: $123,874.38

April 26

* Accent Cleaning Co., 3718 Greenmount Ave., Baltimore, filed under Chapter 7. Principal: Robert Francis Lee. Assets: none; liabilities: $33,488.17

* Anthony S. Davis, insurance sales, 7004 Surrey Drive, Baltimore, filed Chapter 7. Assets: $10,759; liabilities: $27,523

* Gary S. Mandel, 10802 Linsan Road, Owings Mills, an attorney operating a legal practice, filed under Chapter 13. Assets $375,000; Liabilities: $274,000

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.

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