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

BANKRUPTCY REPORT

December 24, 1990

The following are recent bankruptcy filings in U.S. District Court in Baltimore.

DEC. 6

Theodore Onasis and Toulita Serdenes (Athens Restaurant & Cocktail), 7921 Langdon Lane, Baltimore. Restaurant filed for Chapter 11. Assets: between $100,000 and $499,000. Liabilities: between $100,000 and $499,000.

DEC. 12

James Thomas Pfister (JTP Enterprises Inc.), Route 1, Box 225D, Queenstown. Business filed for Chapter 13. Principal: James Thomas Pfister. Assets: between $100,000 and $499,000. Liabilities: between $100,000 and $499,000.

DEC. 13

John R. Bostrom and Betty M. Bostrom (Church Development, Church Living Development), P.O. Box 3865, Crofton. Church construction company filed for Chapter 7. Assets: $875. Liabilities: $150.

Olive Garden Inc. (Olive Grove), c/o 233 W. Main St., Salisbury. Restaurant filed for Chapter 7. Principal: Muhammed Tahir. Assets: $0. Liabilities: $0.

DEC. 14

Apparel Services Inc., 620 Franklin Ave., Baltimore. Shirt manufacturer filed for Chapter 7. Principal: Charlene Kellam. Assets: less than $50,000. Liabilities: between $100,000 and $499,000.

DEC. 17

Eddon Partnership, 1018 Magothy Ave., Arnold. Business filed for Chapter 7. Principals: Donald F. Dove and William Petherbridge. Assets: N.A. Liabilities: N.A.

Joseph Roger Ferguson (Ferguson Construction), Route 1, Box 93, Sudlersville. Business filed for Chapter 7. Principal: Joseph Roger Ferguson. Assets: N.A. Liabilities: N.A.

Majka Trucking (Majka Trucking Co.), 250 S. Kresson St., Baltimore. Freight-hauling company filed for Chapter 7. Principal: William Majka. Assets: $0. Liabilities: $88,485.

Phoenix Enterprises Inc., 1220 Churchville Road, Bel Air. Residential land development company filed for Chapter 11. Principal: Thomas Langford. Assets: $1,280,000. Liabilities: N.A.

Soma Ltd., 1220 Churchville Road, Bel Air. Real estate development company filed for Chapter 11. Principal: Thomas Langford. Assets: $5.4 million. Liabilities: $2.6 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 in whole or in part.

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.

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