An individual cannot file under chapter 13 or any other chapter if, during the preceding days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property. May 14, · Chapter 11 bankruptcy provides a procedure by which an individual or a business can reorganize its debts while continuing to operate. The vast majority of Chapter 11 cases are filed by businesses. The debtor, often with participation from creditors, creates a plan of reorganization under which to repay part or all of its debts. The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) Background About Chapter 13 Bankruptcy. A chapter 13 bankruptcy is .
The special protective rules are unavailable in chapter 11 because their complexity would make reorganization very difficult at best, and unintelligible at worst. The variety of options available in reorganization cases make it extremely difficult to reorganize and continue to provide the special customer protection necessary in these cases. Subsection e specifies eligibility for chapter 13, Adjustment of Debts of an Individual with Regular Income.
The change might have been too great, however, without some limitation. These figures will permit the small sole proprietor, for whom a chapter 11 reorganization is too cumbersome a procedure, to proceed under chapter It does not create a presumption that any sole proprietor within that range is better off in chapter 13 than chapter The conversion rules found in section will govern the appropriateness of the two chapters for any particular individual.
The figures merely set maximum limits. Even if partnership papers have not been filed, for example, the issue will be whether the assets of the grocery store are for the benefit of all creditors of the debtor or only for business creditors , and whether such assets may be the subject of a chapter 13 proceeding.
The intent of the section is to follow current law that a partnership by estoppel may be adjudicated in bankruptcy and therefore would not prevent a chapter 13 debtor from subjecting assets in such a partnership to the reach of all creditors in a chapter 13 case.
However, if the partnership is found to be a partnership by agreement, even informal agreement, than a separate entity exists and the assets of that entity would be exempt from a case under chapter Section of the Small Business Investment Act of , referred to in subsec.
Section 3 h of the Federal Deposit Insurance Act , referred to in subsec. Section 25A of the Federal Reserve Act , referred to in subsecs. For complete classification of this Act to the Code, see Short Title note set out under section of Title 12 and Tables.
Section 1 b of the International Banking Act of , referred to in subsec. Prior to amendment, subsec. Amendment by Pub. The dollar amounts specified in this section were adjusted by notices of the Judicial Conference of the United States pursuant to section of this title as follows:. By notice dated Feb. See notice of the Judicial Conference of the United States set out as a note under section of this title. Please help us improve our site! No thank you. LII U. Code Title Who may be a debtor.
Code Notes prev next. B a foreign bank, savings bank, cooperative bank, savings and loan association, building and loan association, or credit union, that has a branch or agency as defined in section 1 b of the International Banking Act of in the United States.
B has negotiated in good faith with creditors and has failed to obtain the agreement of creditors holding at least a majority in amount of the claims of each class that such entity intends to impair under a plan in a case under such chapter;. C is unable to negotiate with creditors because such negotiation is impracticable; or. D reasonably believes that a creditor may attempt to obtain a transfer that is avoidable under section of this title.
B The United States trustee or the bankruptcy administrator, if any who makes a determination described in subparagraph A shall review such determination not later than 1 year after the date of such determination, and not less frequently than annually thereafter.
Notwithstanding the preceding sentence, a nonprofit budget and credit counseling agency may be disapproved by the United States trustee or the bankruptcy administrator, if any at any time. B With respect to a debtor , an exemption under subparagraph A shall cease to apply to that debtor on the date on which the debtor meets the requirements of paragraph 1 , but in no case may the exemption apply to that debtor after the date that is 30 days after the debtor files a petition , except that the court, for cause, may order an additional 15 days.
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