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

BANKRUPTCY REPORT

April 01, 1991

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

MARCH 19

William S. Cavallucci (Cavallucci Plumbing & Heating), 1024 Doyle Road, Street. Plumbing and heating company filed for Chapter 13. Assets: less than $50,000. Liabilities: between $100,000 and $499,000.

Club Astoria Inc., 1309 Edmondson Ave., Baltimore. Operator of package liquor store and bar filed for Chapter 11. Principals: Byung Tae Park and Myung Hwa Park. Assets: $13,605. Liabilities: $90,596.

MARCH 20

James Alfred Griffin and Elaine Faye Griffin (E. J.'s Auctions), 202 West St., Berlin. Auction house filed for Chapter 7. Assets: $74,894. Liabilities: $107,021.

MARCH 21

Annapolis Yacht Chandlers & Yachting Boutique Inc., 3521 Rockway Ave., Annapolis. Yachting equipment retailer filed for Chapter 7. Principals: Horst O. Kleinsorg and Ingrid I. Kleinsorg. Assets: $160. Liabilities: $301,191.

Ernestine M. Day (Curl World), 2908 Old Court Road, Pikesville. Hair salon filed for Chapter 13. Assets: N.A. Liabilities: N.A.

Easton Petroleum Company Inc. (Big Red), 404 S. Aurora St., P.O. Box 666, Easton. Retail and wholesale fuel and heating oil distribution company filed for Chapter 11. Principal: J. E. Meintzer & Sons Inc. Assets: $2,227,000. Liabilities: $3,150,000.

E. Meintzer & Sons Inc., 404 S. Aurora St., P.O. Box 666, Easton. Retail and wholesale fuel and heating oil distribution company filed for Chapter 11. Principal: E. Patrick Cole. Assets: $8,842,000. Liabilities: $6,743,000.

Furniture & Things Inc., 1862-A Reisterstown Road, Baltimore. Retail furniture business filed for Chapter 11. Principals: Rona A. Weiner, Dennis H. Weiner and Barbara F. Block. Assets: $202,208. Liabilities: $149,121.

MARCH 22

Keys Woodworks Inc., 4015 Foster Ave., Baltimore. Manufacturing company filed for Chapter 11. Principals: Dan Sumpter Keys, Dan Sumpter Keys Jr., Steven Thomas Keys and Jacqueline Keys. Assets: $125,740. Liabilities: $518,654.

RLB Inc. (RLB Properties Inc.), 6212 Pennington Ave., Baltimore. Owner and operator of rental properties filed for Chapter 11. Chairman: Bobbie Brewis. Assets: $160,000. Liabilities: $75,000.

RSSB Inc. (Doorguard Systems), 2601 Rolling Road #101, Baltimore. Manufacturer of electronic security alarm/control systems filed for Chapter 11. President: C. T. Croson Jr. Assets: $375,000. Liabilities: $526,990.

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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