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

BANKRUPTCIES

June 20, 1994

The following are recent bankruptcy filings in U.S. Bankruptcy Court for the Maryland District in Baltimore.

June 8

* Lelia A. Whitaker, 3408 Cotwood Place, Baltimore, d/b/a Our Home, a shelter care facility, filed for Chapter 13. Assets: $51,975; Liabilities: $60,478.

June 9

* 338 Valiant Circle Inc., 338 Valiant Circle, Glen Burnie, a real estate holding company, filed for Chapter 11. Principal: Robert L. Slack, president. Assets: none; Liabilities: $77,480.

* Lake Anna Properties of Virginia Inc., 1825 George Ave., Annapolis, a real estate development company, filed for Chapter 11. Principal: James C. Foote, president. Assets and liabilities are over $1 million each.

* James H. Birch, 119 Arbutus Ave., Catonsville, operator of an insurance agency, filed for Chapter 13. Assets and liabilities are each over $100,000.

* Custom Printed Sportswear Inc., c/o 7795 Cox Point Court, Curtis Bay, a screen printing operation, filed for Chapter 7. Principal: Kenneth Henkel, president. Assets: none; Liabilities: $22,043.

* International Foods Ltd., 703 W. Nursery Road, Linthicum, an importer and wholesale distributor of oriental foods, filed for Chapter 7. Principal: Steven L. Levinson, chairman. Assets: $542,383; Liabilities: $1,248,819.

June 13

* Medical Waste Associates L/P, 3200 Hawkins Point Road, Curtis Bay, operator of an incinerator for the disposal of medical waste, filed for Chapter 11. Principal: Karen Goodhart, president. Assets: none; Liabilities: $25,393,557.

*

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. L/P: Limited Partnership. P/A: Professional Association.

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