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

BANKRUPTCY REPORT

May 18, 1992

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

May 7

N. Hess' Sons Inc., 7243 Ambassador Road, Baltimore. Retail shoe stores filed for Chapter 11. President: George H. Bernstein Jr. Assets: $8,506,654. Liabilities: $6,807,488.

Thomas Shankle and Regina Shankle, 2096 Jason Court, Crofton. Telemarketing business filed for Chapter 7. Assets: $6,970. Liabilities: $81,848.

Douglas E. Nelson, 3647 Churchville Road, Aberdeen. Home improvement business filed for Chapter 7. Assets: $3,370. Liabilities: $146,745.

TCO Inc., 1202 Cox Neck Road, Chester. Construction business filed for Chapter 7. Principal: Bruce E. Tarr. Assets and liabilities: Under $50,000.

Douglas B. Massey and Mary Baione Massey, 111 Union Ave., Salisbury. Heating and air-conditioning business filed for Chapter 7. Assets: $50,000-$99,000. Liabilities: $100,000-$499,000.

May 8

Dill's Excavating Inc., 935 Miller Road, Parkton. Construction excavation company filed for Chapter 7. President: James W. Dill Sr. No assets. Liabilities: $35,626.

Bobby J. Akers Jr. and Anita A. Akers, 511 Law St., Aberdeen. Owners of day-care business filed for Chapter 7. Assets: $80,315. Liabilities: $122,252.

May 11

Willie T. Jones Inc., (Fun Plus Fun), 2738 Baker St., Baltimore. Bar and lounge filed for Chapter 11. Assets: $78,500. Liabilities: $125,533.

R. Calvin Thomas Excavators Inc., 5186 Norrisville Road, White Hall. The excavation company filed for Chapter 11. Principal: R. Calvin Thomas. Assets: $762,747. Liabilities: $368,968.

Laddie Redmon (Redmon's Roofing), 2206 Corbin Road, Baltimore. Mr. Redmon filed for Chapter 13. Assets and liabilities: $50,000-$99,000.

May 12

N. M. Carroll Health Care Facility Inc., 1000 N. Gilmor St., Baltimore. Non-profit convalescent home filed for Chapter 11. President: James H. Ethridge. Assets: $6,000,050. Liabilities: $6,990,624.

Robert J. Lankford and Clara Lankford, 12943 Windy Lane, Ocean City. Restaurant owners filed for Chapter 7. Assets: $220,023. Liabilities: $309,193.

Richard Leroy Kicklighter and Sharon Lynn Kicklighter, 7025 Albany Ave., Rose Haven. Cleaning service filed for Chapter 7. Assets: $6,350. Liabilities: $83,205.

Thomas Louis Marks (T. M. Heating & Air), 1624 Ruxton Road, Edgewater. Mr. Marks filed for Chapter 13. Assets and liabilities: $100,000-$499,000.

May 13

Johnny's Auto Sales Inc., 4801 Harford Road, Baltimore. Car dealership filed for Chapter 11. President: Michael Wilbanks. No assets. Liabilities: $175,000.

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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