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

BANKRUPTCY REPORT

March 23, 1992

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

March 12

Paul F. Rufe (Comback Promotions & Directional Advertising), 2H Sharondale Way, Baltimore. Promotional advertising company filed for Chapter 7. Assets: $6,873. Liabilities: $166,687.

Bryan D. Bruns (BDM Quarter Folding), 7362 Baltimore-Annapolis Blvd., Glen Burnie. Paperhandler/shipper filed for Chapter 13. Assets: $121,511. Liabilities: $141,369.

Harvey Silbermann (Silbermann & Associates), 3525 E. Joppa Road, Baltimore. Engineer filed for Chapter 7. Assets: $5,525. Liabilities: $121,694.

March 13

Mel's Masonry Inc., 26 Cherry Hill Road, Street, Md. Concrete construction company filed for Chapter 7. President: Melvin A. Braun. Assets: $65,051. Liabilities: $470,936.James N. Sample III, 273 Mackall St., Elkton. Trucking company filed for Chapter 7. Assets: $8,211. Liabilities: $30,419.

March 16

Terry Wayne Martin, 7833 Telegraph Road, Severn. Food catering company filed for Chapter 13. Assets: $274,739. Liabilities: $350,017.

Donald E. Baker Sr., 5225 Shaffer Mill Road, Lineboro. Farming business filed for Chapter 13. Assets: $500,000-$999,000. Liabilities: $100,000-$499,000.

John Lee and Judith C. Lininger, 2412 Laurel Bush Road, Abingdon. Real estate development business filed for Chapter 11. Assets and liabilities: N.A.

March 17

Wavedancer Inc. (Cerniglia Enterprises), 10300 Little Patuxent Parkway, Columbia Mall, Columbia. Retailer of beachwear, sportswear, surfboards and skateboards filed for Chapter 11. President: Vincent J. Cerniglia. Assets: $1,103,300. Liabilities: $748,608.

Deborah Slaughter Watson (Seaside Cleaning Service & D. W. Posey Flower Shop), 4212 Ocean Pines, Berlin. Flower shop and gift basket company filed for Chapter 7. Assets and liabilities: Under $50,000.

William F. Sauer, 3134 Tracys Store Road, Parkton. Landscaping company filed for Chapter 13. Assets: $229,572. Liabilities: $245,397.

March 18

Chase Brae Limited Partnership, 7525 Murray Hill Road, Columbia. General partner and president of Cheshire Management: Ronald Nemeyer. Partnership filed for Chapter 11. Assets and liabilities: N.A.

William G. Bathon, (North East Logging, North East Lumber Co.), 111 Kirkcaldy Drive, Elkton. Landscaping company filed for Chapter 7. Assets: $189,691. Liabilities: $493,381.

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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