Recent bankruptcy filings in U.S. District Court in...

BANKRUPTCIES

May 16, 1994

Recent bankruptcy filings in U.S. District Court in Baltimore:

May 6

* 3 1/2 % Realty Inc. d/b/a Regal Homes Realty Inc., a.k.a. Allan Dale, t/a Regal Flagpole, Flags & Banner, 5229 Hanover Pike, Manchester, filed under Chapter 7. Principal: Allan Dale, president. Assets: none; liabilities: $23,300.

May 9

* Carroll Fire Protection Inc., 6807 Washington Blvd., Elkridge, designers and installers of automatic fire suppression systems, filed under Chapter 7. Principal: Harry C. Parker, president. Assets: $166,700; liabilities: $314,927.

* Dennis George Kornacki t/a First Impressions, 9493 Cameldriver Court, Columbia, a partnership that leases shared office space, filed under Chapter 7. Principal: Dennis G. Kornacki, partner. Assets: $8,060; liabilities $257,431.

* 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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