Recent business filings in the U.S. District Court in...

BANKRUPTCY REPORT

July 06, 1992

Recent business filings in the U.S. District Court in Baltimore.

June 26

Robert J. Harper (Harper's Cleaners), 1801 Eutaw Place, Baltimore. Dry cleaner filed for Chapter 7. Assets: $343. Liabilities: $452,335.

Schumacher & Seiler Inc., Monument and Greenmount Ave., Baltimore. Plumbing and heating equipment wholesaler filed for Chapter 11. President and chief executive officer: Russell Trout.

Assets: $4.6 million. Liabilities: $5 million.

Michael Sterling Thompson (Thompson Home Improvements, Maren Home Improvements), 1203 Holly Avenue, Shadyside. Home improvement contract filed for Chapter 13. Assets: $63,370. Liabilities: $119,582.

Georgetown Plaza Associates Limited Partnership filed for Chapter 11. Other information not available.

Bretton Woods Limited Partnership (Bayshore Land Co. Inc.), P.O. Box 57, Edgewater. Real estate developer and construction company filed for Chapter 11. General partner: I. Richard Priddy. Assets: $1,792,350. Liabilities: $1,313,332.

Ten South Street Associates Limited Partnership filed for Chapter 11. Other information not available.

June 29

Kevin B. Arthur, Route 12, Box 201, Salisbury. Owner of heating and air conditioning firm filed for Chapter 7. Assets and liabilities not available.

Sydney M. Shure (Design Pavilion), P.O. Box 569, Brooklandville. Design consultant filed for Chapter 11. Assets: $1.2 million. Liabilities: $1.2 million.

Route 50 Motel Limited Partnership, 591 Revell Highway, Annapolis. Hotel company filed for Chapter 11. General partner: J. Arthur Sunkel. Assets: under $50,000. Liabilities: under $50,000.

Carlton Properties Inc., P.O. Box 180, Easton. Real estate company filed for Chapter 11. President: Thomas J. Hutchison. Assets: over $1 million. Liabilities: over $1 million.

June 30

Colonial General Contractors, 638 Kimberly Way, Stevensville. Construction company filed for Chapter 7. Principal: Joyce Ann Butts. Assets: 0. Liabilities: $16,000.

Sunnyside Up Deli & Catering, 2029 Suffolk Road, Finksburg. Deli and caterer filed for Chapter 7. Principal: Michael Mumma. Assets: $5,117. Liabilities: $20,282.

Joseph Fisher Wise, 1824 Village Square Court, Severn. Trucking contractor filed for Chapter 11. Assets: under $50,000. Liabilities: $100,000 to $499,000.

Krauss Roofing Co., 3112 Frederick Ave., Baltimore. Roofing company filed for Chapter 11. Principal: Robert S. Krauss. Assets: $100,000 to $499,000, Liabilities: $100,000 to $499,000.

Rental Works Limited Inc., 4001 Buckingham Road, Randallstown. Real estate company filed for Chapter 11. Principal: David Greene. Assets: $128,000. Liabilities: $191,703.

KAA Enterprises, 7 Wellhaven Circle, Apt. 1118, Owings Mills. Landscaping firm filed for Chapter 7. Principal: Keith Alan Adler. Assets: $30,705. Liabilities: $162,938.

July 1

Chicken Coop Inc., 10300 Mill Run Circle, Owings Mills. Fast-food company filed for Chapter 7. Principal: Alan Tossman. Assets: $2,600. Liabilities: $166,726.

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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