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

BANKRUPTCY REPORT

February 03, 1992

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

Jan. 23

William F. and Catherine C. Feeley (Collins True Value Hardware, CMW Partnership, Foundation Realty), 1433 Hanover St., Baltimore. Hardware and general merchandise retailer filed for Chapter 11. Assets and liabilities: N.A.

William Clark Sweitzer, P.O. Box 187, St. Michaels. Marine contractor filed for Chapter 7. Assets: $40,015. Liabilities: $137,769.

Jan. 24

The Men's Shop of Pikesville Inc. (Geoffrey's Ski Hut), 51 E. Padonia Road, Timonium. Retailer of ski equipment and apparel filed for Chapter 11. Principal: Jeffrey Slutkin. Assets: $433,146. Liabilities: $399,447.

Conley's Seafood Inc., 5795 Ocean Gateway, Trappe. Seafood sales company filed for Chapter 7. Principal: Thomas M. Conley. Assets: $4,201. Liabilities: $174,328.

JAMM Tavern Associates Inc. 7693 Baltimore & Annapolis Blvd., Glen Burnie. Bar filed for Chapter 11. Principal: Michael M. Wines. Assets: $641,700. Liabilities: $366,309.

Warner's Moving and Storage of Maryland Inc., 8215-A Dorsey Run Road, Jessup. Moving and storage company filed for Chapter 11. Assets: $122,050. Liabilities: $645,474.

Phillip A. Hall Jr., 9111 Grant Avenue, Laurel. Trucking company filed for Chapter 7. Assets: $227,575. Liabilities: $179,717.

Jan. 27

Shell/Heritage Resorts Inc. (Heritage Resorts Inc.), P.O. Box 1749 MBS, Ocean City. Time share real estate company filed for Chapter 11. Principal: James B. Cunningham. Assets: N.A. Liabilities: $18,292,692.

Fort Meade Auto Limited Partnership, 9410 Annapolis Road, Suite 200, Lanham. Real estate investment company filed for Chapter 11. Principal: Harvey Blonder. Assets: $549,136. Liabilities: $757,367.

Jan. 28

Chase Brae Limited Partnership (Chase Brae Apartments), 7525 Murray Hill Road, Columbia. Apartment rental company filed for Chapter 11. Principal: Lee Bell. Assets and liabilities: Over $100,000.

Southwest Printing Inc., 4001 E. Lombard St., Baltimore. Printing company filed for Chapter 11. Principal: Russell L. Frank Jr. Assets: $1,122,429. Liabilities: $1,287,636.

Southern Dumpin' Inc., Route 1, Box 223, Mardella Springs. Hauling company filed for Chapter 7. Principal: Joyce Green. Assets: $1,076. Liabilities: $133,896.

Tiki House Inc. (Tropicana Restaurant), Jumpers Mall, 8184 Ritchie Highway, Pasadena. Restaurant filed for Chapter 7. Principal: Yu Lien Wu. Assets: $10,000. Liabilities: $44,000.

Jan. 29

Witty Construction Inc., 315 Epping Way, Annapolis. Builder and developer filed for Chapter 7. President: David K. Witty. Assets: $180,958. Liabilities: $927,571.

Rosario Montevago, 911 Hillcrest Road, Hanover. Restaurant filed for Chapter 7. Assets: $138,715. Liabilities: $186,647.

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.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.