Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 12– ADJUSTMENT OF DEBTS OF A FAMILY FARMER
WITH REGULAR ANNUAL INCOME


Sub Chapter II – The Plan

Sec. 1225. Confirmation of plan

  (a) Except as provided in subsection (b), the court shall confirm a 
plan if--
        (1) the plan complies with the provisions of this chapter and 
    with the other applicable provisions of this title;
        (2) any fee, charge, or amount required under chapter 123 of 
    title 28, or by the plan, to be paid before confirmation, has been 
    paid;
        (3) the plan has been proposed in good faith and not by any 
    means forbidden by law;
        (4) the value, as of the effective date of the plan, of property 
    to be distributed under the plan on account of each allowed 
    unsecured claim is not less than the amount that would be paid on 
    such claim if the estate of the debtor were liquidated under chapter 
    7 of this title on such date;
        (5) with respect to each allowed secured claim provided for by 
    the plan--
            (A) the holder of such claim has accepted the plan;
            (B)(i) the plan provides that the holder of such claim 
        retain the lien securing such claim; and
            (ii) the value, as of the effective date of the plan, of 
        property to be distributed by the trustee or the debtor under 
        the plan on account of such claim is not less than the allowed 
        amount of such claim; or
            (C) the debtor surrenders the property securing such claim 
        to such holder; and

        (6) the debtor will be able to make all payments under the plan 
    and to comply with the plan.

    (b)(1) If the trustee or the holder of an allowed unsecured claim 
objects to the confirmation of the plan, then the court may not approve 
the plan unless, as of the effective date of the plan--
        (A) the value of the property to be distributed under the plan 
    on account of such claim is not less than the amount of such claim; 
    or
        (B) the plan provides that all of the debtor's projected 
    disposable income to be received in the three-year period, or such 
    longer period as the court may approve under section 1222(c), 
    beginning on the date that the first payment is due under the plan 
    will be applied to make payments under the plan.

    (2) For purposes of this subsection, ``disposable income'' means 
income which is received by the debtor and which is not reasonably 
necessary to be expended--
        (A) for the maintenance or support of the debtor or a dependent 
    of the debtor; or
        (B) for the payment of expenditures necessary for the 
    continuation, preservation, and operation of the debtor's business.

    (c) After confirmation of a plan, the court may order any entity 
from whom the debtor receives income to pay all or any part of such 
income to the trustee.

(Added and amended Pub. L. 99-554, title II, Sec. 255, title III, 
Sec. 302(f), Oct. 27, 1986, 100 Stat. 3110, 3124; Pub. L. 105-277, div. 
C, title I, Sec. 149(a), Oct. 21, 1998, 112 Stat. 2681-610.)

                         Termination of Section

        For termination of reenactment of this section by section 149(a) 
    of Pub. L. 105-277, see Repeal, Reenactment, and Termination of 
    Chapter note set out under section 1201 of this title.

                          Codification

    Section repealed effective Oct. 1, 1998, by Pub. L. 99-554, title 
III, Sec. 302(f), Oct. 27, 1986, 100 Stat. 3124, as amended by Pub. L. 
103-65, Sec. 1, Aug. 6, 1993, 107 Stat. 311. Section, as in effect on 
Sept. 30, 1998, reenacted by Pub. L. 105-277, div. C, title I, 
Sec. 149(a), Oct. 21, 1998, 112 Stat. 2681-610, for the period beginning 
on Oct. 1, 1998, and ending on Apr. 1, 1999. See Repeal, Reenactment, 
and Termination of Chapter note set out under section 1201 of this 
title.

                  Section Referred to in Other Sections

    This section is referred to in sections 347, 1208, 1222, 1229, 1230, 
1231 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,
the most trusted law firm in America with over 15 years of experience is Lexington Law Firm.

For more bankruptcy help and bankruptcy alternatives, go to Bankruptcy Resources

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