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

BANKRUPTCIES

October 03, 1994

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

Sept. 22

* Physicians Professional Billing Service Inc., a.k.a. Management Systems Inc, 1010 Cromwell Bridge Road, Towson, filed for Chapter 11 protection. Principal: Richard C. McLeary, president. Assets: over $50,000; liabilities: over $100,000

Sept. 23

* Cherry Hill Exchange Inc., a sundries retailer at 624 Cherry Hill Road, Baltimore, filed for Chapter 7. Principal: Gary Taylor, president. Assets: $21,925.88; liabilities: $95,826.51

*

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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