A bankruptcy listing that appeared in the Monday Business...

BANKRUPTCIES

September 12, 1994

A bankruptcy listing that appeared in the Monday Business section on Sept. 12 should have stated that Jo Anna S. Sutton was filing only as an individual. Phoenix Steel Inc. is not a party to her individual filing.

The Sun regrets the error.

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

Sept. 1

* Donald F. Dove, 1018 Magothy Avenue, Arnold, a real estate broker and developer, filed under Chapter 13. Assets: $423,340; liabilities: $456,000

FOR THE RECORD - CORRECTION

Sept. 2

* Sounion Petroleum Inc., 304 E. 25th St., Baltimore, filed under Chapter 7. Principal: Andrew M. Wolfson, secretary. Assets: $9,660; liabilities: $91,658.16

Sept. 6

* Munchy Enterprises Inc., t/a Mr. Munchy, a food sales outlet at 2931 O'Donnell St., Baltimore, filed under Chapter 7. Principal: Dagmar Jensen, director. Assets: none; liabilities: $9,733.37

Sept. 7

* Jo Anna S. Sutton, a.k.a. Joann Sutton, d/b/a Phoenix Steel Inc., a steel sales brokerage at 15 Greenridge Road, Lutherville, filed for Chapter 7. Assets: $132,950; liabilities: $470,296.20

* WHA Associates L/P, 1503 Farlow Avenue, Crofton, has been involuntarily petitioned to a Chapter 7 filing by creditors. Principal: William Arnold, general partner. Assets: N/A; liabilities: at least 39,897.25

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.

*

PTC 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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