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

BANKRUPTCY REPORT

June 15, 1992

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

June 4

Custom Packaging Group Inc., 7201 Bellona Ave., Baltimore. Food-processing company filed for Chapter 11. Principal: John J. Neubauer Jr. Assets: $1 million. Liabilities: $3 million.

Hurlock Food Processors Inc., 7201 Bellona Ave., Baltimore. Vegetable-canning company filed for Chapter 11. Principal: John J. Neubauer Jr. Assets: $6 million. Liabilities: $3 million.

June 5

Sharon Lyons Farlow (Farlow Real Estate Consulting), 12616 Collins Road, Bishopville. Real estate agent and consultant filed for Chapter 7. Assets: $4,156. Liabilities: $64,133.

Pamela Francesca Jones, 4922 Old Court Road, Randallstown. Holder of leases on two Maryland Vocational Rehabilitation snack stands filed for Chapter 7. Assets: $53,655. Liabilities: $81,110.

R. W. P. Groceries Inc. (Lakeside Little George's), 6116 Oak Hill Drive, Sykesville. Grocery store filed for Chapter 7. President: Richard Wayne Pittinger Sr. Assets: $150. Liabilities: $37,304.

Huu Nhi Voong and Mui A. Ngo Voong (Hong Kong Taste), 13 Kristal Court, Baltimore. Owners of restaurant filed for Chapter 7. Assets: $203,070. Liabilities: $285,483.

Richard T. Higgins Inc. (Pilot Air Freight), Cargo Building A, P.O. Box 8764, BWI Airport. Freight forwarder filed for Chapter 11. No assets. Liabilities: $678,977.

June 9

Golden Deli Inc. (Benson's Deli), 100 S. Charles St., Baltimore. Restaurant filed for Chapter 11. Principal: Mark B. Goldsteen. Assets: $264,142. Liabilities: $264,144.

Elec Technology Inc., 1511 Ritchie Highway, #202, Arnold. Construction company filed for Chapter 7. Vice president: Lee Mann. No assets. Liabilities: $206,370.

Dale's Hair Designs Inc., 1591 Merritt Blvd., Baltimore. Styling salon filed for Chapter 7. Vice president: Mark W. Burkholder. Assets: $10,293. Liabilities: $46,745.

Patrick Anthony Eiring and Kathryn Ardys Eiring, Route 1, Box 80, Goldsboro. Real estate investment and commercial construction company filed for Chapter 7. Assets: $279,078. Liabilities: $304,477.

Norman Edwards, P.O. Box 1596, Salisbury. Owner of concrete construction company filed for Chapter 13. Assets: N.A. Liabilities: $89,711.

June 10

Toby Hart Inc. (Stefanel), 6 Harrod Court, Reisterstown. Owner of clothing stores filed for Chapter 11. Principal: Jonathan S. Resnick. Assets: $1,500,050. Liabilities: $502,612.

Brian A. Tarr, 3721 Solomons Island Road, Harwood. Owner of construction business filed for Chapter 7. Assets: $91,370. Liabilities: $199,616.

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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