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

BANKRUPTCIES

May 30, 1994

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

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May 19

* Cain's Custom Carpet, 3228 Tartarian Court, Lansdowne, carpet installers, filed for Chapter 7. Principals: Thomas E. & Arlene A. Cain. Assets: under $50,000; liabilities: over $100,000

May 20

* Shar Associates Inc., a.k.a. Fisherman's Wharf of Pikesville, 3713 Old Court Road, Pikesville, filed Chapter 7. Principal: Mahammed H. Tehranian, president. Assets: under $50,000; liabilities: over $1,000,000

May 24

* Jeffrey M. & Stephanie M. Trout, 7911 Danbury Court, Glen Burnie, operating a computer analyst practice, filed Chapter 7. Assets: $16,165; liabilities: $328,494

* John H., III & Barbara T. (Sapp) Steuernagle, day care providers, 2016 Cherry Road, Edgewood, filed Chapter 7. Assets: $121,475; liabilities: $131,916

* Robert A. Diemer, attorney, 8203 Ventnor Road, Pasadena, operating a law practice, filed Chapter 11. Assets: $1,102,067; liabilities: $675,056

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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. 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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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. L/P: limited partnership. P/A: professional association.

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