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

BANKRUPTCY REPORT

March 18, 1991

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

MARCH 5

Vision Builders, 10298-A Baltimore National Pike, Ellicott City. Residential construction and contracting business filed for Chapter 7. Principals: P. Dann Cummings, William Coulbourne and Patricia Filas. Assets: $15,506. Liabilities: $571,825.

MARCH 7

T. Coon Sr. (Excavating Inc.), 4416 Salem Bottom Road, Westminster. Excavating company filed for Chapter 11. Principal: Charles T. Coon Sr. Assets: N.A. Liabilities: N.A.

Maryland Associates Limited Partnership, 9861 Broken Land Way, Suite 152 North, Columbia. Boston-based Krupp Company Limited Partnership IV, a general partner of the business, filed Chapter 11 against it. Principals: Maryland NOMBRI Inc. and Krupp Company Limited Partnership IV. Assets: N.A. Liabilities: N.A.

MARCH 8

Action Team Inc. (Quality Systems Inc, Sturdy Construction Inc.), 804 Pulaski Highway, Elkton. Construction company filed for Chapter 11. President: Richard Ernest Ziegenhorn. Assets: $0. Liabilities: $790,080.

Papa Joe's Inc., 3015 Marlin Drive, Riva. Pizza and sub shop filed for Chapter 7. Principals: Michael Paul Fraioli and Marlene R. Fraioli. Assets: $0. Liabilities: $233,443.

Philly Concepts Inc. (Papa Joe's Crofton), 3015 Marlin Drive, Riva. Pizza and sub shop filed for Chapter 7. Principals: Michael Paul Fraioli and Marlene R. Fraioli. Assets: $0. Liabilities: $231,967.

Progressive Builders Inc., 1249 Magothy Road, Pasadena. Construction company filed for Chapter 7. Principal: David R. Miller. Assets: $327. Liabilities: $4,318.

James A. Ward (Ward Homes), P.O. Box 1098, Bel Air. Building company filed for Chapter 7. Assets: $1,449. Liabilities: $64,294.

Ronald Earl Wooldridge Sr. and Mary Ann Wooldridge (M & R Enterprises), 3026 Ebbtide Drive, Edgewood. Business filed for Chapter 13. Assets: $103,577. Liabilities: $89,523.

MARCH 11

Hossein Fatemi and Zina Michelle Fatemi (Hobby City), 154 Kettle Court, Baltimore. Hobby shop filed for Chapter 7. Assets: $23,158. Liabilities: $85,723.

Gunnings Crab House, 3901 S. Hanover St., Baltimore. Crab house filed for Chapter 11. Principals: Edward M. Gunning and Margaret T. Gunning. Assets: $122,134. Liabilities: $770,542.

H&D Inc. (Gunning's House of Seafood), 5701 Coastal Highway, Ocean City. Seafood restaurant, which has been inoperable because of a fire since 1989, filed for Chapter 11. Principal: Andrew E. Gunning of Florida. Assets: $700,000. Liabilities: $730,781.

George F. Spray and Joy D. Spray (Bayside Gas). Retailer of liquefied petroleum gas filed for Chapter 11. Assets: N.A. Liabilities: N.A.

The following are the most common types of filings under the 1/8 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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