Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 11– REORGANIZATION

Sub Chapter II – The Plan

Sec. 1121. Who may file a plan

   (a) The debtor may file a plan with a petition commencing a 
voluntary case, or at any time in a voluntary case or an involuntary 
case.
    (b) Except as otherwise provided in this section, only the debtor 
may file a plan until after 120 days after the date of the order for 
relief under this chapter.
    (c) Any party in interest, including the debtor, the trustee, a 
creditors' committee, an equity security holders' committee, a creditor, 
an equity security holder, or any indenture trustee, may file a plan if 
and only if--
        (1) a trustee has been appointed under this chapter;
        (2) the debtor has not filed a plan before 120 days after the 
    date of the order for relief under this chapter; or
        (3) the debtor has not filed a plan that has been accepted, 
    before 180 days after the date of the order for relief under this 
    chapter, by each class of claims or interests that is impaired under 
    the plan.

    (d) On request of a party in interest made within the respective 
periods specified in subsections (b) and (c) of this section and after 
notice and a hearing, the court may for cause reduce or increase the 
120-day period or the 180-day period referred to in this section.
    (e) In a case in which the debtor is a small business and elects to 
be considered a small business--
        (1) only the debtor may file a plan until after 100 days after 
    the date of the order for relief under this chapter;
        (2) all plans shall be filed within 160 days after the date of 
    the order for relief; and
        (3) on request of a party in interest made within the respective 
    periods specified in paragraphs (1) and (2) and after notice and a 
    hearing, the court may--
            (A) reduce the 100-day period or the 160-day period 
        specified in paragraph (1) or (2) for cause; and
            (B) increase the 100-day period specified in paragraph (1) 
        if the debtor shows that the need for an increase is caused by 
        circumstances for which the debtor should not be held 
        accountable.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2631; Pub. L. 98-353, title III, 
Sec. 506, July 10, 1984, 98 Stat. 385; Pub. L. 99-554, title II, 
Sec. 283(u), Oct. 27, 1986, 100 Stat. 3118; Pub. L. 103-394, title II, 
Sec. 217(d), Oct. 22, 1994, 108 Stat. 4127.)


                      Historical and Revision Notes

                         legislative statements

    Section 1121 of the House amendment is derived from section 1121 of 
the House bill; section 1121(c)(1) will be satisfied automatically in a 
case under subchapter IV of title 11.


                        senate report no. 95-989

    Subsection (a) permits the debtor to file a reorganization plan with 
a petition commencing a voluntary case or at any time during a voluntary 
or involuntary case.
    Subsection (b) gives the debtor the exclusive right to file a plan 
during the first 120 days of the case. There are exceptions, however, 
enumerated in subsection (c). If a trustee has been appointed, if the 
debtor does not meet the 120-day deadline, or if the debtor fails to 
obtain the required consent within 180 days after the filing of the 
petition, any party in interest may propose a plan. This includes the 
debtor, the trustee, a creditors' committee, an equity security holders' 
committee, a creditor, an equity security holder, and an indenture 
trustee. The list is not exhaustive. In the case of a public company, a 
trustee is appointed within 10 days of the petition. In such a case, for 
all practical purposes, any party in interest may file a plan.
    Subsection (d) permits the court, for cause, to increase or reduce 
the 120-day and 180-day periods specified. Since, the debtor has an 
exclusive privilege for 6 months during which others may not file a 
plan, the granted extension should be based on a showing of some promise 
of probable success. An extension should not be employed as a tactical 
device to put pressure on parties in interest to yield to a plan they 
consider unsatisfactory.


                               Amendments

    1994--Subsec. (e). Pub. L. 103-394 added subsec. (e).
    1986--Subsec. (d). Pub. L. 99-554 inserted reference to subsection 
(b) of this section.
    1984--Subsec. (c)(3). Pub. L. 98-353, Sec. 506(a), substituted ``of 
claims or interests that is'' for ``the claims or interests of which 
are''.
    Subsec. (d). Pub. L. 98-353, Sec. 506(b), inserted ``made within the 
respective periods specified in subsection (c) of this section''.


                    Effective Date of 1994 Amendment

    Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not 
applicable with respect to cases commenced under this title before Oct. 
22, 1994, see section 702 of Pub. L. 103-394, set out as a note under 
section 101 of this title.


                    Effective Date of 1986 Amendment

    Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, 
see section 302(a) of Pub. L. 99-554, set out as a note under section 
581 of Title 28, Judiciary and Judicial Procedure.


                    Effective Date of 1984 Amendment

    Amendment by Pub. L. 98-353 effective with respect to cases filed 90 
days after July 10, 1984, see section 552(a) of Pub. L. 98-353, set out 
as a note under section 101 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 307, 348, 1106, 1112, 1125 
of this title; title 28 section 158.


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Legal Resource Center: United States Code TITLE 11 Filing Bankruptcy Forms Software