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

BANKRUPTCY REPORT

February 17, 1992

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

Jan. 29

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

Jan. 30

Samuel Lee Carroll (Concrete Constructors), 3916 Setonhurst Road, Baltimore. Concrete pouring company filed for Chapter 13. Assets: $147,000. Liabilities: $75,029.

Harry J. Mell (Dirty Harrys Auto & Truck Repair), Robert Street, Princess Anne. Company filed for Chapter 13. Assets: N/A. Liabilities: N/A.

Richard Samuel Schleisner (Olympic Mortgage), 11522 Woodland Drive, Lutherville. Mortgage broker filed for Chapter 13. Assets: N/A. Liabilities: N/A.

Jan. 31

Joseph W. Wheatley (Easton Appliance Center), 9449 Ocean Gateway, Easton. Appliance sales company filed for Chapter 11. Assets: Under $50,000. Liabilities: Under $50,000.

Western Mill and Lumber Co., 4300 Old Milford Mill Road, Baltimore. Mill and lumber company filed for Chapter 11. Principals: Estate of Coleman Cordish, Gabe Cordish and Frona Friedman. Assets: Zero. Liabilities: $237,329.

Shore Office Systems Inc.., Railroad Ave., Cordova. Retail/wholesale company filed for Chapter 7. Principals: Ronald G. Skultety. Assets: $625. Liabilities: $10,959.

Terry Francis Allen (Sarge's Food Services Co.), 8272 Ahearn Drive, Millersville. Vending company filed for Chapter 7. Assets: $13,707. Liabilities: $73,558.

Feb. 3

Custom Building Systems, 29532 Canvasback Drive, Easton. Construction company filed for Chapter 7. Principals: Jason Granai. Assets: $26. Liabilities: $49,745.

Feb. 5

K C Computer Services Inc., 2118 Red Apple Plaza, Chester. Computer services company filed for Chapter 7. Principals: Kimberly Custer. Assets: $13,150. Liabilities: $96,644.

William F. Karibinus (Marian L. Scherer Tax Services), 307 Sudsberry Drive, Linthicum. Accounting company filed for Chapter 7.

Feb. 6

Controlled Equity Inc. (Video Invasion), 939 Beard's Hill Road, Aberdeen. Video cassette rental store filed for Chapter 11. Principals: Patricia Boyer, Melissa Novotny and Richard Novotny. Assets: $37,856. Liabilities: $969,377.

Builder's Supply Inc., 10435 Reisterstown Road, Owings Mills. Construction and building supply company filed for Chapter 7. Principals: Anthony Mazzuca. Assets: $27,479. Liabilities: $148,065.

Oliver Enterprises Inc. (McAnber's Jewelers), 2360 W. Joppa Road, Lutherville. Jewelry sales and service store filed for Chapter 7. Principals: Robert S. Oliver and Mary Oliver. Assets: $4,613. Liabilities: $85,379.

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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