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

BANKRUPTCY REPORT

December 30, 1991

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

Dec. 16

Cumberland Restaurant Corp. (Rax Restaurants), 3105 Benjamin Drive, Westminster. Restaurant business filed for Chapter 11. Principal: Lawrence A. Barto. Assets: $104,759. Liabilities: $533,148.

Ronald Howard Israel (Three On The Town), 100 W. University Parkway, Baltimore. Video business filed for Chapter 7. Assets and liabilities: Under $50,000.

Dec. 17

Kurt Iron and Metal Co. Inc., 3000 Childs St., Baltimore. Demolition and metal scrapping firm filed for Chapter 11 protection. Principal: Kurt Ellis. Assets: $3,340,067. Liabilities: $2,503,393.

Dec. 18

G&B Concrete Construction Inc., 109 Chalice Drive, Elkton. Construction business filed for Chapter 7. Principal: Gary Biggs. Assets: $639. Liabilities: $120,705.

Dec. 19

Earland Delond McCallum (Earl and Son Trucking Co.), 3608 Springdale Ave., Baltimore. Trucking company filed for Chapter 7. Assets: $487,647. Liabilities: $69,800.

Real Estate Consulting Group Inc., Route 2, Box 34J Bowlingly Lane, Queenstown. Commercial real estate brokerage filed for Chapter 7. Principal: James M. Murrey Jr. Assets: Under $50,000. Liabilities: Under $500,000.

Dec. 20

T.N.T. Tools Inc. (Academy Auto Body Inc.), 1994 Moreland Parkway, Bays 11-13, Annapolis. Auto body shop filed for Chapter 11. Principal: Thomas M. Pietropaoli. Assets: $16,246. Liabilities: Under $100,000.

Wirth-Strahler & Son Inc., 427 E. 26th St., Baltimore. Printing company filed for Chapter 7. Principal: C. Howard Strahler Jr. Assets: $331,000. Liabilities: $590,351.

Contemporary Builders Inc., 101 E. Wheel Road, Bel Air. Custom home construction company filed for Chapter 7. Principal: Maynard Elwood Morrison. Assets: $11,520. Liabilities: $92,411.

Dec. 23

Butz's House of Carpets Inc., 807 Bel Air Road, Bel Air. Floor covering sales and installation company filed for Chapter 11. Principal: William Jerry Blankenship. Assets: Approximately $85,000. Liabilities: $181,339.

Roger N. McJilton Sr. (McJilton Restaurant Systems Inc., Tony Tank Restaurant), 1010 Beaglin Park Drive #204, Salisbury. Restaurant filed for Chapter 11. Assets and liabilities: Under $50,000.

Weber Construction Inc. (Talbot County Builders), 201 N. U.S. 50, Easton. Construction company filed for Chapter 7. Principal: Paul J. Curtis. Assets: $8,650. Liabilities: $1,312,617.

Dec. 24

Elwood L. Bunting Sr., 622 Williams St., Baltimore. Electrical contractor filed for Chapter 7. Assets: $64,860. Liabilities: $155,546.

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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