PRIA, Government Policy, Made Personal

Summary

A plan must include a short business history, a liquidation analysis, and projections about whether the debtor can make the proposed payments. It must let the trustee control future earnings as needed. Despite section 1123(b)(5), the plan may change rights tied only to a lien on the debtor’s principal home if the new value was used mainly for the debtor’s small business and not mainly to buy the home.

Title 11, §1190

Bankruptcy, Source: USLM XML via OLRC

A plan filed under this subchapter—

(1)shall include—

(A)a brief history of the business operations of the debtor;

(B)a liquidation analysis; and

(C)projections with respect to the ability of the debtor to make payments under the proposed plan of reorganization;

(2)shall provide for the submission of all or such portion of the future earnings or other future income of the debtor to the supervision and control of the trustee as is necessary for the execution of the plan; and

(3)notwithstanding section 1123(b)(5) of this title, may modify the rights of the holder of a claim secured only by a security interest in real property that is the principal residence of the debtor if the new value received in connection with the granting of the security interest was—

(A)not used primarily to acquire the real property; and

(B)used primarily in connection with the small business of the debtor.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 180 days after Aug. 23, 2019, see section 5 of Pub. L. 116–54, set out as an

Effective Date

of 2019 Amendment note under section 101 of this title.

§1190 Contents of Plan

Summary

Title 11, §1190

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata