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

BANKRUPTCIES

May 09, 1994

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

* April 28

* Judith Larson Associates Inc., a Cockeysville architectural and homebuilding firm, filed for Chapter 7. Principals: Judith Larson, acting president; Joanne Rubin, acting vice president. Assets: $9,500; liabilities: $36,671

* Barbara E. Frasca, 2708 Wildorlyn Drive, Finksburg, an operator of video arcades, filed Chapter 7. Assets: $700; liabilities: $1,039,033.

* Gary Scott Thrower, 228 State St., Stevensville, d/b/a Gary S. Thrower Island Welding, filed Chapter 7. Assets: $118,695; liabilities: $129,092.

* Billy Eugene Wilkinson, a.k.a. Billy E. Wilkinson and Billy Wilkinson, consulting engineer, 1241 Independence Square, Belcamp, filed Chapter 13. Assets: $79,780; liabilities: $75,679.

May 2

* Buddy's White Marsh Inc., 409 Washington Ave., Towson, a retail/wholesale firm, filed Chapter 7. Principal: Maury N. Fine, president. Assets: none; liabilities: $134,329.

* Miroslaw Polak, 82 Dundalk Ave., Baltimore, a taxicab operator, filed Chapter 13. Assets: $74,500; liabilities: $72,279.

May 3

* MH&S Enterprises Inc.,, a Middle River firm d/b/a as Chef Chappy Foods Co., a manufacturer and distributor of popcorn, filed Chapter 7. Principals: Harry Monios, Mike Adams and Samuel Boltanski. Assets and liabilities: n/a.

* Timonium I-83 Limited Partnership, a real estate firm, filed Chapter 11. Principal: Norman Tucker, president. Assets: over $1 million; liabilities: over $1 million.

* E. T. Enterprises Inc., d/b/a Chesapeake Liquors, 13 E. Chesapeake Ave., Towson, filed Chapter 7. Principal: Edward S. Tuttle Jr., president. Assets: under $50,000; liabilities: over $50,000.

May 4

* Tyco Clinical Laboratories Inc., 405 Frederick Road, Suite 158, Catonsville, filed Chapter 11. Principal: Tasaduq Husain, president. Assets: $108,914; liabilities: $134,038.

* Donald J. and Kathleen F. Schuster, 2027 Old Westminster Pike, Finksburg, operators of a beauty salon, filed Chapter 11. Assets $270,637; liabilities: $228,826.

* Hamilton & Sons Inc., 4962 Ilchester Point Court, Ellicott City, a construction firm, filed Chapter 7. Assets: under $50,000; liabilities: under $50,000.

May 5

* Oak Hill Enterprises Inc., 401 Woodbine Road, Woodbine, operator of a restaurant, filed Chapter 11. Principals: Robert Nolf, president, Jacquelyn Nolf and Donna I. Nolf. Assets: $100,500; liabilities: $375,262.

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.

n/a: not available.

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