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

BANKRUPTCY REPORT

June 10, 1991

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

May 30

Robert Martin Kight (Francesco's Marble & Tile Imports), 1690 Tarleton Way, Crofton. Company filed for Chapter 7. Assets: $13,648. Liabilities: $258,547.

RRAM Inc. (Sound Waves Records & Tapes, Video, MARR Inc.), 4700 Hawksbury Road, Baltimore. Company filed for Chapter 11. President: Arthur Barr. Assets: $511,967. Liabilities: $402,801.

St. Luke Lutheran Home Inc., 7600 Clays Lane, Baltimore. Nursing and convalescent home care provider filed for Chapter 11. Chairman of the board: Stephen E. Asendorf. Assets: $4,194,000. Liabilities: $4,911,000.

May 31

10-22 East Lexington Associates Limited Partnership, 200 St. Paul Place, Suite 2222, Baltimore. Owner of air rights filed for Chapter 11. General partner: David W. Kornblatt. Assets: N.A. Liabilities: N.A.

St. Paul Plaza Office Tower Limited Partnership, 200 St. Paul Place, Suite 2222, Baltimore. Real estate leasing and management company filed for Chapter 11. General partner: David W. Kornblatt. Assets: N.A. Liabilities: N.A.

St. Paul Plaza Upper Garage Limited Partnership, 200 St. Paul Place, Suite 2222, Baltimore. Lessor of parking spaces filed for Chapter 11. General partner: David W. Kornblatt. Assets: N.A. Liabilities: N.A.

St. Paul Plaza Retail Limited Partnership, 200 St. Paul Place, Suite 2222, Baltimore. Lessor of office space filed for Chapter 11. General partner: David W. Kornblatt. Assets: N.A. Liabilities: N.A.

June 3

W. Kent Dullin Jr. (Du-Bless Dairy, Du-Bless Holsteins), Route 1, Box 47-1, Barclay. Dairy farmer filed for Chapter 7. Assets: $16,398. Liabilities: $69,004.

Adept Mechanical Inc., 833 Brighton Place, Glen Burnie. Mechanical contracting company filed for Chapter 7. President: Theresa M. Haycock. Assets: $6,109. Liabilities: $135,937.

Stoney Creek I Limited Partnership, 1901 Monkton Road, Monkton. Real estate developer filed for Chapter 11. President: Frank H. Weller Jr. Assets: N.A. Liabilities: N.A.

June 4

Terri Long Doyle (The Armchair Bookshop), 9286 Chenar Farm Road, Easton. Book store filed for Chapter 7. Assets: $73,429. Liabilities: $140,976.

June 5

Leonard, Collinson and Moore Inc., 1641 Route 3 North, Suite 207-208, Crofton. Site development company filed for Chapter 11. President: James P. Leonard. Assets: $211,000. Liabilities: $530,000.

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.

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