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

BANKRUPTCIES

August 08, 1994

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

July 28

* OPM Food Inc, d/b/a/ Baltimore General Dispensary, 100 N. Paca St., Baltimore, has filed for Chapter 7. Principal: Thomas Manlon, president. Assets: $85,000; Liabilities: $267,263.82

July 29

* Orient Management of Hartford Inc., a hotel operator, 5 Constitution Plaza, Hartford, Conn., has filed for Chapter 11 protection. Principal: Robert Klein, executive vice president. Assets: over $1 million; Liabilities: over $500,000

* Quantum Enterprises Inc., facilities maintenance and landscape services, 3570 St. Johns Lane, Ellicott City, has filed for Chapter 11. Principal: Wayne King, treasurer. Assets: $49,350; Liabilities: $133,952

August 1

* Mark Porta, masonry contractor, 7636 Dorsey Run Road, Jessup, filed for Chapter 7. Assets: $125,215; Liabilities: $138,500

* EVP Inc., d/b/a Modern Bride & Formal Wear, 28 New Ordnance Road, Glen Burnie, filed for Chapter 7. Principal: Eva Meyer, president. Assets: under $50,000; Liabilities: $52,256.83

August 2

* Gary J. Sieck Sr. t/a Gary's Vending, 3 Southfield Road, Glen Burnie, filed for Chapter 11. Assets: $617,997.93; Liabilities: $1,419,516.09

* Penelope A. K. Keating, riding instruction, 401 N. Hiberna Road, Centerville, has filed for Chapter 7. Assets: $9,461; Liabilities: $69,523.80

* Maryland Blind Craft Products, Inc., 2700 Hollins Ferry Road, Baltimore, filed for Chapter 7. Principal: Saurabh Naik, president. Assets: None; Liabilities: $22,929

August 3

* Pavement Recycling Inc., 7819 Rossville Blvd., Rossville, filed for Chapter 11. Principal: S. Joseph Bendetta, president. Assets: $901,043.34; Liabilities: $705,990.07

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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