A previous issue of MBW incorrectly characterized a court...

BANKRUPTCY REPORT

July 20, 1992

A previous issue of MBW incorrectly characterized a court filing. Butler Video has not filed for bankruptcy.

The Sun regrets the error.

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

July 8

Butler Video, 20 Brookeshire Drive, Reisterstown. Video business filed for Chapter 13. Principal: Harvey E. McCracken Jr. Assets and liabilities: under $50,000.

FOR THE RECORD - CORRECTION

Dunkin Donuts, 5633 Columbia Road, Columbia. Doughnut store filed for Chapter 13. Principal: Ursula Patestas. Assets: $100,000 to $499,000. Liabilities: $50,000 to $99,000.

Ragland Equipment, 416 Beach Drive, Annapolis. Retail and wholesale company filed for Chapter 13. President Michael Jeffrey Ragland Sr. Assets and liabilities: $100,000 to $499,000.

Chesapeake Electric, 7764 Woodlawn Ave. Company filed for Chapter 13. Principal: Russell A. Curry Sr. Assets and liabilities: $100,000 to $499,000.

July 10

Howard James Parsons and Henrietta M. Parsons, Route 6, Box 456, Salisbury. Carpentry company filed for Chapter 7. Assets and liabilities: Under $50,000.

Colorful Carpets of Sykesville Inc., 1720 Liberty Road, Eldersburg. Carpet company filed for Chapter 7. Principal: James Roden. Assets: under $50,000. Liabilities: $500,000 to $999,000.

Spalin's Triple S Automotive Service Inc., 814 Arcadia St., Easton. Car repair company filed for Chapter 7. Principals: Donald Gordon Spalin Sr. and Naomi Betty Spalin. Assets and liabilities: under $50,000.

July 14

Robert E. Grove Jr. and Hope E. Grove, 4510 Mustering Drum, Ellicott City. Real estate developer filed for Chapter 7. Assets: $100,000 to $499,000. Liabilities: $10,000 to $99,999.

July 15

ArKay Builders, 5102 N. Charles St. Interior designer filed for Chapter 11. Principal: Rajani Kharkar. Assets and liabilities: $10,000 to $99,999.

McLaughlin & Associates, P.A., 1220 Churchville Road, Bel Air. Law firm filed for Chapter 11. Principal: Thomas McLaughlin. Assets and liabilities: $100,000 to $499,000.

July 16

Branham & Sons Well Drilling, 8133 Hog Neck Road, Pasadena. Construction company filed for Chapter 11. Principal: John E. Branham. Assets and liabilities: $100,000 to $499,000.

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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