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


August 01, 1994

The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland in Baltimore City:

July 21

* Ronald Wayne Daffin, an Annapolis accountant, filed under Chapter 7. Assets: $5,398; liabilities: $1,337,688.

* Hetrick Ranch Properties, d/b/a/ Robin's Nest Horse Farm in Denton, filed under Chapter 12. Principals: Rick A. Hetrick, Elain P. Hetrick, Brian S. Hetrick, Carroll G. Hetrick, Kenneth G. Hetrick. Assets: $1,053,540; liabilities: $532,962.

July 22

* Keith Houston Matney, 415 Sharp Street, an attorney, filed under Chapter 7. Assets: $15,094; liabilities: $180,199.

July 25

* 53 South Kresson Street Corp., operator of a bar/restaurant, filed under Chapter 11. Principals: John G. Seibel, president, Deane Allen. Assets: under $500,000; liabilities: under $1 million.

July 26

* Carl Gene Hardy Sr., 1533 Montpelier St., an electrical contractor, filed under Chapter 13. Assets: under $50,000; liabilities: under $50,000.

July 27

* Michael A. Shuey and Debra L. Shuey, 4522 Mansfield Ave., T/A Sequoia Window and Building, a home improvement firm, filed under Chapter 7. Assets: $72,394; liabilities: $92,381.

* Henry F. Warner Jr., a.k.a. Hank Warner and H. Warner, 9572 Michaels Way, Ellicott City, an insurance broker, filed under Chapter 13. Assets: under $500,0000; liabilities: over $1 million.

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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