Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 11– REORGANIZATION

Sub Chapter – Officers and Administration

Sec. 1111. Claims and interests

  (a) A proof of claim or interest is deemed filed under section 501 
of this title for any claim or interest that appears in the schedules 
filed under section 521(1) or 1106(a)(2) of this title, except a claim 
or interest that is scheduled as disputed, contingent, or unliquidated.
    (b)(1)(A) A claim secured by a lien on property of the estate shall 
be allowed or disallowed under section 502 of this title the same as if 
the holder of such claim had recourse against the debtor on account of 
such claim, whether or not such holder has such recourse, unless--
        (i) the class of which such claim is a part elects, by at least 
    two-thirds in amount and more than half in number of allowed claims 
    of such class, application of paragraph (2) of this subsection; or
        (ii) such holder does not have such recourse and such property 
    is sold under section 363 of this title or is to be sold under the 
    plan.

    (B) A class of claims may not elect application of paragraph (2) of 
this subsection if--
        (i) the interest on account of such claims of the holders of 
    such claims in such property is of inconsequential value; or
        (ii) the holder of a claim of such class has recourse against 
    the debtor on account of such claim and such property is sold under 
    section 363 of this title or is to be sold under the plan.

    (2) If such an election is made, then notwithstanding section 506(a) 
of this title, such claim is a secured claim to the extent that such 
claim is allowed.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2630.)


                      Historical and Revision Notes

                         legislative statements

    A discussion of section 1111(b) of the House amendment is best 
considered in the context of confirmation and will therefore, be 
discussed in connection with section 1129.


                        senate report no. 95-989

    This section dispenses with the need for every creditor and equity 
security holder to file a proof of claim or interest in a reorganization 
case. Usually the debtor's schedules are accurate enough that they will 
suffice to determine the claims or interests allowable in the case. 
Thus, the section specifies that any claim or interest included on the 
debtor's schedules is deemed filed under section 501. This does not 
apply to claims or interests that are scheduled as disputed, contingent, 
or unliquidated.

                  Section Referred to in Other Sections

    This section is referred to in sections 901, 927, 1129 of this 
title.


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Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Bankruptcy Forms Software Kits. For credit repair services,
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Legal Resource Center: United States Code TITLE 11 Filing Bankruptcy Forms Software