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

BANKRUPTCY REPORT

February 18, 1991

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

FEB. 5

Caesar's Inc., 106 N. Eutaw St., Baltimore. Restaurant filed for Chapter 11. Principal: Thomas D'Anna and John D'Anna. Assets: $60,000 (approximately). Liabilities: $50,000 (approximately).Liberty Marina Limited Partnership, 64 Old South River Road, Edgewater. Marina filed for Chapter 11. Assistant vice president: Jeffrey A. Clum. Assets: more than $1 million. Liabilities: more than $1 million.

J. E. Winchester & Co. Inc., 1935 Lansdowne Road, Baltimore. Retailer and manager of computer software filed for Chapter 11. President: John E. Winchester Jr. Assets: $181,374. Liabilities: $242,942.FEB. 6R. M. Brodsky Contracting Inc., 11436 Cronridge Drive, Suite F, Owings Mills. Painting contractor filed for Chapter 7. Principal: Robert M. Brodsky. Assets: $150,052. Liabilities: $713,321.Wayne Patrick Frank (Frank's Landscape Service), 8626 Winding Way, Perry Hall. Landscaping company filed for Chapter 7. Assets: $28,643. Liabilities: $176,885.Suzanne Lee Irwin and Hugh Joseph Irwin Jr. (Suzie's Subs), Route 1, Box MM40, Preston. Sub shop filed for Chapter 7. Assets: $38,009. Liabilities: $75,304.Patrick G. Pfeiffer (JPJ Associates Inc., Pfeiffer & Co. Contractors), 2739 Kildaire Drive, Baltimore. Debtor filed for Chapter 7. Assets: less than $50,000. Liabilities: between $100,000 and $499,000.Richard S. Wolf and Rosemary Wolf (Wolf Development), 4571 Owensville-Sudley Road, Harwood. Development company filed for Chapter 11. Assets: N.A. Liabilities: N.A.

FEB. 7

Scott Kenneth Carpenter and Karen Marie Carpenter (M.A.C. Home Improvement), 7803 New Battle Grove Road, Baltimore. Home improvement company filed for Chapter 7. Assets: $85,375. Liabilities: $90,918.Joseph W. Lapicki (Lapicki/Smith Associates), 1224 W. 37th St., Baltimore. Debtor, who was a principal in an architectural partnership that filed for bankruptcy in 1988, filed for Chapter 7. Assets: between $50,000 and $99,000. Liabilities: between $100,000 and $499,000.Logan J. Manders, Route 3, Foxwood Drive, Delmar. Trustee filed for Chapter 11. Assets: $120,000. Liabilities: $66,345.Mitsu Inc. (Mitsu Japanese Restaurant), Charles Plaza, 222 N. Charles St., Baltimore. Restaurant filed for Chapter 11. President: Ralph Banks. Assets: $82,494. Liabilities: $204,837.FEB. 8Al Becker Enterprises Inc. (Al Becker's Flowers), 1536 Whiteford Road, Street. Retail florist filed for Chapter 7. Principal: Gene Allen Becker. Assets: less than $50,000. Liabilities: $50,000 to $99,000.Collett Construction Inc., 12960 Linden Church Road, Clarksville. Construction company filed for Chapter 11. Principal: Mark Collett. Assets: $60,500. Liabilities: $130,072.Hill & Sons Management Co. Inc., 2300 Garrison Boulevard, Suite 10, Baltimore. Management company filed for Chapter 7. Principal: Jerry L. Hill. Assets: $458,000. Liabilities: $998,421.William Linwood Miller (Bud's Plumbing Service), 628 Jumpers Hole Road, Severna Park. Plumber filed for Chapter 7. Assets: less than $50,000. Liabilities: less than $50,000.FEB. 11Arbar Inc. (Southgate Bruning Paint & Home Center), 328 Hospital Drive, Glen Burnie. Retailer of paint, wallpaper and carpet filed for Chapter 11. Principal: Arnold Cohen. Assets: $74,232. Liabilities: $167,367.Richard Jones & Associates Inc. (Artransport Inc.). Creditor filed Chapter 7 against the company. Principal: N.A. Assets: N.A. Liabilities: more than $418,000.David J. Touch and Linda R. Touch (Touch's Hobby & Craft Store), 11802 Rivershore Drive, Dunkirk. Hobby shop filed for Chapter 11. Assets: $216,725. Liabilities: $393,941.Venus Designs Inc., 4135 Amos Ave., Baltimore. Furniture design company filed for Chapter 7. Chairman: Walter Stevens. Assets: $5,000. Liabilities: $7,000.

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.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.