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

BANKRUPTCY REPORT

April 06, 1992

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

March 26

Alfred Edmond Masilowsky, 2545 Marston Road, New Windsor. BTC Horse boarding company filed for Chapter 11. Assets: $326,180. Liabilities: $226,200.

Auman & Werkmeister Inc., 1447 York Road, Suite 310, Baltimore. Furrier filed for Chapter 11. President: J. Eric Aumann. Assets: $200,000. Liabilities: $398,303.

Armin Door Systems Inc., 1197 Baltimore Annapolis Blvd., Suite 6, Arnold. Provider of door systems filed for Chapter 11. President: Martin D. Armin. Assets: $50,000. Liabilities: $100,000.

March 27

Jarrey Inc. (Budget Motel and Twin Towers Motel), 912 Ocean Highway, Pocomoke. Motel and restaurant filed for Chapter 7. Principal: Christine F. Jarrett. Assets: $802,874. Liabilities: $1,371,096.

Derrick M. Comfort (Derrick Comfort Real Estate), 28768 Dolvin Circle, Wye Mills. Real estate company filed for Chapter 7. Assets: $117,907. Liabilities: $185,830.

Richard Henry Langenfelder Jr. (R.H. Langenfelder & Sons), 4749 Hay Drive, Manchester. Construction company filed for Chapter 7. Assets: $80,743. Liabilities: $1,130,778.

March 30

John Samuel Serino (Chesapeake Cookware), 604 S. Morris St., Oxford. Mr. Serino filed for Chapter 7. Assets and liabilities: N.A.

William S. Gardner Jr., F-214 Hall St., Bel Air. Fitness center filed for Chapter 7. Assets: $55,961. Liabilities: $332,995.

March 31

Joseph C. Abell, 3832 Baker Road, Westminster. Real estate developer filed for Chapter 7. Assets: $1,016,900. Liabilities: $1,584,296.

April 1

William Frederick Hare, 4201 Jim Bowers Road, Sykesville. Avon sales and typing service filed for Chapter 7. Assets: $7,849. Liabilities: $16,133.

Richard's Auto Body & Paint Inc., 11-A Hudson St., Annapolis. Auto body painting and repair company filed for Chapter 7. President: Richard Day. Assets: $25,755. Liabilities: $71,503.

Durbin Enterprises Inc. (Phinian's Courtyard Cafe), 7477 Baltimore and Annapolis Blvd., Glen Burnie. Restaurant filed for Chapter 11. President: Robert S. Durbin. Assets: $55,000. Liabilities: $171,680.

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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