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

BANKRUPTCY REPORT

November 18, 1991

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

Nov. 7

Maryland Standard Financial Corp., 6920 Donachie Road, Suite 202, Baltimore. Financial consulting business filed under Chapter Principal: H. William Mauldin. Assets: $8,505. Liabilities: $69,091.

Eddie Jacobs Ltd., 22 Light St., Baltimore. Retail clothing firm filed for Chapter 11 protection. Principal: Eddie Jacobs. Assets: $200,000. Liabilities: $208,826.

Circuit Masters Inc., 8410 Jopenda Drive, Ellicott City. Electrical contractors are seeking protection under Chapter 7. Principal: William Brandenburg. Assets: $6,636. Liabilities: $203,139.

Nov. 8

Howard Oaks Inc., 10715 Charter Drive, Columbia. Construction business filed for Chapter 11. Principal: William J. Miller. Assets: $12,400,000. Liabilities: $6,780,280.

Howard Associates Limited Partnership, 10715 Charter Drive, Columbia. Construction partnership is seeking Chapter 11 protection. Principal: William J. Miller. Assets: $6 million. Liabilities: $2,055,507.

Parkview Development Inc., 10715 Charter Drive, Columbia. Real estate development and building company filed for Chapter 11. Principal: William J. Miller. Assets: $650,000. Liabilities. $1.2 million.

Har-Ce Construction Inc., 403 N. Adams St., Havre de Grace. Commercial and industrial general contractor is seeking protection under Chapter 11. Principal: Robert L. Wood. Assets: $1,887,137. Liabilities: $1,457,182.

Kim's Deli Inc., 2320 Hanover Pike, Hampstead. Restaurant business filed Chapter 7. Principal: Suk Nyo Sylvester. Assets: None. Liabilities: $2,830.

Nov. 12

George T. Harkins Inc., 1229 Mount Hermon Road, Salisbury. Concrete construction company is seeking protection under Chapter 11. Principal: George T. Harkins. Assets: $950,000. Liabilities: More than $1.5 million.

Anita's Carpets, 20 Liberty Road, Eldersburg. Company that sells and installs carpet and flooring is seeking to liquidate under Chapter 7. Principal: Edward James Easto. Assets: $2,609. Liabilities: $15,457.

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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