Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

The Center For Debt Management
Center4DebtManagement.com ... Always open 24 / 7

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



TITLE 11–BANKRUPTCY

CHAPTER 7–LIQUIDATION

Sub Chapter – Officers and Administration

Sec. 705. Creditors' committee

  (a) At the meeting under section 341(a) of this title, creditors 
that may vote for a trustee under section 702(a) of this title may elect 
a committee of not fewer than three, and not more than eleven, 
creditors, each of whom holds an allowable unsecured claim of a kind 
entitled to distribution under section 726(a)(2) of this title.
    (b) A committee elected under subsection (a) of this section may 
consult with the trustee or the United States trustee in connection with 
the administration of the estate, make recommendations to the trustee or 
the United States trustee respecting the performance of the trustee's 
duties, and submit to the court or the United States trustee any 
question affecting the administration of the estate.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2605; Pub. L. 99-554, title II, 
Sec. 218, Oct. 27, 1986, 100 Stat. 3100.)


                      Historical and Revision Notes

                         legislative statements

    Section 705(a) of the House amendment adopts a provision contained 
in the Senate amendment that limits a committee of creditors to not more 
than 11; the House bill contained no maximum limitation.


                        senate report no. 95-989

    This section is derived from section 44b of the Bankruptcy Act 
[section 72(b) of former title 11] without substantial change. It 
permits election by general unsecured creditors of a committee of not 
fewer than 3 members and not more than 11 members to consult with the 
trustee in connection with the administration of the estate, to make 
recommendations to the trustee respecting the performance of his duties, 
and to submit to the court any question affecting the administration of 
the estate. There is no provision for compensation or reimbursement of 
its counsel.


                               Amendments

    1986--Subsec. (b). Pub. L. 99-554 inserted ``or the United States 
trustee'' in three places.


                    Effective Date of 1986 Amendment

    Effective date and applicability of amendment by Pub. L. 99-554 
dependent upon the judicial district involved, see section 302(d), (e) 
of Pub. L. 99-554, set out as a note under section 581 of Title 28, 
Judiciary and Judicial Procedure.


Back Index Next

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

Go to Index of Related Articles and Resources!

Click Below To Check Out More Financial Resources

Return to Top

The Center For Debt Management™

Helping Consumers Save Money and Reduce Debt Is Our Only Business!™

We invite you to explore the sectors listed below. We promise that you'll find exceptional values, offers and resources in which to reduce your living expenses and to enjoy life!


Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management agency! Resources for debt management, consumer credit counseling, debt consolidation, debt reduction settlements, legal aid, financial aid, loans and financing, credit repair, credit reports, insurance quotes, income sources, tax assistance, and more.

Established in 1989 and serving the online community since 1992!


This site was created and designed by Daniel A. Gelinas
Disclaimer and Privacy Policy      © Copyright  2007 "The Center For Debt Management"      Contact Us
Return to Top

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