Recent bankruptcy filings in U.S. District Court in...

BANKRUPTCY REPORT

March 16, 1992

Recent bankruptcy filings in U.S. District Court in Baltimore.

March 5

Matschulat Trucking Inc., 10926 Red Lion Road, White Marsh. Trucking company filed for Chapter 11. President: Linda C. Finding. No Assets. Liabilities: $462,464.

Bird Cage Lounge Inc., 2101-03 E. North Ave., Baltimore. Bar and lounge filed for Chapter 11. President: Joseph Ronald Strickland. Assets: $85,500. Liabilities: $97,211.

Richard Lee Vanscoy, 1455 Evergreen Road, Severn. Siding mechanic filed for Chapter 13. Assets: $277,430. Liabilities: $277,730.

March 6

L.D.R.T. Inc. (Pizza on Wheels), 9194 Red Branch Road, Unit B, Columbia. Pizza carryout and delivery restaurant filed for Chapter 7. President: Linda M. Saukko. Assets: Under $50,000. Liabilities: $50,000-$99,000.

Eugene Clarence Cobb Jr., 121 Utah St., Stevensville. Seller of pizza kits filed for Chapter 13. Assets: $115,200. Liabilities: $43,537.

March 9

A. J. Phelps Land Clearing Inc., P.O. Box 85, Jessup. Provider of land clearing services for highways and construction sites filed for Chapter 13. Principal: Alvin J. Phelps. Assets: $270,761. Liabilities: $270,953.

March 10

Levin Furniture Co., 4124 Menlo Drive, Baltimore. Furniture store filed for Chapter 11. Principal: Michael J. Levin. Assets: $628,901. Liabilities: $561,000.

Margaret A. Proctor, 312 S. Pulaski St., Baltimore. Free-lance carpenter filed for Chapter 7. Assets: $7,678. Liabilities: $54,119.

Gundrun Charlotte Sturek, 3500 Carsinwood Drive, Aberdeen. Travel tour operator filed for Chapter 7. Assets: $65,264. Liabilities: $104,696.

Ezra Hill Jr. (Avalon Shoe Store), 2404 Kevsway Court, Baltimore. Shoe seller filed for Chapter 7. Assets: $174,133. Liabilities: $250,363.

March 11

Consolidated Bankers Realty Inc., 1103 North Point Boulevard, Suite 424, Baltimore. Real estate sales company filed for Chapter 7. President: Jim Gay. Assets: None. Liabilities: $18,287.

Brian Douglas Burns, 7201 Procopio Circle, Columbia. Owner of antique business filed for Chapter 7. Assets: $8,620. Liabilities: $31,134.

David Earl Peacock, 1115 Tall Pines Drive, Westminster. Owner of transportation company filed for Chapter 7. Assets: $4,283. Liabilities: $121,555.

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.