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11 U.S.C. § 1191 — Confirmation of plan

Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1191 — Confirmation of plan

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Source location: Title 11, Chapter 11, § 1191; chapter-011-reorganization.md

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**(a) Terms.—** The court shall confirm a plan under this subchapter only if all of the requirements of section 1129(a), other than paragraph (15) of that section, of this title 11 So in original. The words “of this title” probably should follow “1129(a)”. are met. **(b) Exception.—** Notwithstanding [section 510(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section510/a&num=0&edition=prelim), if all of the applicable requirements of [section 1129(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1129/a&num=0&edition=prelim), other than paragraphs (8), (10), and (15) of that section, are met with respect to a plan, the court, on request of the debtor, shall confirm the plan notwithstanding the requirements of such paragraphs if the plan does not discriminate unfairly, and is fair and equitable, with respect to each class of claims or interests that is impaired under, and has not accepted, the plan. **(c) Rule of Construction.—** For purposes of this section, the condition that a plan be fair and equitable with respect to each class of claims or interests includes the following requirements: (1) With respect to a class of secured claims, the plan meets the requirements of [section 1129(b)(2)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1129/b/2/A&num=0&edition=prelim). (2) As of the effective date of the plan— (A) the plan provides that all of the projected disposable income of the debtor to be received in the 3-year period, or such longer period not to exceed 5 years as the court may fix, beginning on the date that the first payment is due under the plan will be applied to make payments under the plan; or (B) the value of the property to be distributed under the plan in the 3-year period, or such longer period not to exceed 5 years as the court may fix, beginning on the date on which the first distribution is due under the plan is not less than the projected disposable income of the debtor. (3) (A) The debtor will be able to make all payments under the plan; or (B) (i) there is a reasonable likelihood that the debtor will be able to make all payments under the plan; and (ii) the plan provides appropriate remedies, which may include the liquidation of nonexempt assets, to protect the holders of claims or interests in the event that the payments are not made. **(d) Disposable Income.—** For purposes of this section, the term “disposable income” means the income that is received by the debtor and that is not reasonably necessary to be expended— (1) for— (A) the maintenance or support of the debtor or a dependent of the debtor; or (B) a domestic support obligation that first becomes payable after the date of the filing of the petition; or (2) for the payment of expenditures necessary for the continuation, preservation, or operation of the business of the debtor. **(e) Special Rule.—** Notwithstanding [section 1129(a)(9)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1129/a/9/A&num=0&edition=prelim), a plan that provides for the payment through the plan of a claim of a kind specified in paragraph (2) or (3) of [section 507(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section507/a&num=0&edition=prelim) may be confirmed under subsection (b) of this section.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 364 — Obtaining credit

**(a)** If the trustee is authorized to operate the business of the debtor under section 721, 1108, 1183, 1184, 1203, 1204, or 1304 of this title, unless the court orders otherwise, the trustee may obtain unsecured credit and incur unsecured debt in the ordinary course of business allowable under [section 503(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section503/b/1&num=0&edition=prelim) as an administrative expense. **(b)** The court, after notice and a hearing, may authorize the trustee to obtain unsecured credit or to incur unsecured debt other than under subsection (a) of this section, allowable under [section 503(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section503/b/1&num=0&edition=prelim) as an administrative expense. **(c)** If the trustee is unable to obtain unsecured credit allowable under [section 503(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section503/b/1&num=0&edition=prelim) as an administrative expense, the court, after notice and a hearing, may authorize the obtaining of credit or the incurring of debt— (1) with priority over any or all administrative expenses of the kind specified in section 503(b) or 507(b) of this title; (2) secured by a lien on property of the estate that is not otherwise subject to a lien; or (3) secured by a junior lien on property of the estate that is subject to a lien. **(d)** (1) The court, after notice and a hearing, may authorize the obtaining of credit or the incurring of debt secured by a senior or equal lien on property of the estate that is subject to a lien only if— (A) the trustee is unable to obtain such credit otherwise; and (B) there is adequate protection of the

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1191 — Confirmation of plan

Page 291 TITLE 11—BANKRUPTCY § 1191 1 So in original. The words ‘‘of this title’’ probably should fol- low ‘‘1129(a)’’. (Added Pub. L. 116–54, § 2(a), Aug. 23, 2019, 133 Stat. 1081.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 180 days after Aug. 23, 2019, see sec- tion 5 of Pub. L. 116–54, set out as an Effective Date of 2019 Amendment note under section 101 of this title. § 1189. Filing of the plan (a) WHO MAY FILE A PLAN.—Only the debtor may file a plan under this subchapter. (b) DEADLINE.—The debtor shall file a plan not later than 90 days after the order for relief under this chapter, except that the court may extend the period if the need for the extension is attrib- utable to circumstances for which the debtor should not justly be held accountable. (Added Pub. L. 116–54, § 2(a), Aug. 23, 2019, 133 Stat. 1081.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective 180 days after Aug. 23, 2019, see sec- tion 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 A plan filed under this subchapter— (1) shall include— (A) a brief history of the business oper- ations 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 principa

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