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

BANKRUPTCY REPORT

December 09, 1991

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

Nov. 27

Fisherman's Seafood Market Inc., P.O. Box 295, Kent Narrows South, Graysonville. Retail wholesaler of seafood is liquidating under Chapter 7. Principal: George Hugh Harris. Assets: Under $50,000. Liabilities: Between $100,000 and $499,000.

Dec. 2

Wyndemere Farms Inc., 6609 Deer Park Road, Reisterstown. Horse breeding farm has filed for protection under Chapter 12. Principal: Stephen F. Meszamos. Assets: $613,600. Liabilities: $500,000

Westway Liquors Inc., 5312 Edmondson Ave., Baltimore. Retail liquor store and bar is attempting to reorganize under Chapter 11. Principal: Thomas J. Iampieri. Assets: $59,122. Liabilities: $390,960.09

Dec. 3

Infotel Systems Inc., P.O. Box 65267, Baltimore. Computer sales and installation business is liquidating under Chapter 7. Principal: Maurice Butler. Assets: $609.13. Liabilities: $759,482.42

Shallowbrook Farms Inc., Rural Route 2. Box 425, Queenstown. Business is liquidating under Chapter 7. Principal: John A. Briggs Jr.. Assets: $784.95. Liabilities: $77,751.80

Crazy Horse Enterprises Inc., 8201 Ritchie Highway, Pasadena. Automotive parts retailer filed under Chapter 11. Principal: Dennis Hoffman. Assets: $15,000. Liabilities: $135,678.77

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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