Sec. 1113. Bankruptcy
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/bill/116/hr/748/eas/section-1113A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1182(1) of title 11, United States Code, is amended to read as follows: The term debtor — subject to subparagraph (B), means a person engaged in commercial or business activities (including any affiliate of such person that is also a debtor under this title and excluding a person whose primary activity is the business of owning single asset real estate) that has aggregate noncontingent liquidated secured and unsecured debts as of the date of the filing of the petition or the date of the order for relief in an amount not more than $7,500,000 (excluding debts owed to 1 or more affiliates or insiders) not less than 50 percent of which arose from the commercial or business activities of the debtor; and does not include— any member of a group of affiliated debtors that has aggregate noncontingent liquidated secured and unsecured debts in an amount greater than $7,500,000 (excluding debt owed to 1 or more affiliates or insiders); any debtor that is a corporation subject to the reporting requirements under section 13 or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m , 78o(d)); or any debtor that is an affiliate of an issuer, as defined in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ). .
Section 103(i) of title 11, United States Code, is amended by striking small business debtor and inserting debtor (as defined in section 1182) . The amendment made by paragraph
(1)shall apply only with respect to cases commenced under title 11, United States Code, on or after the date of enactment of this Act. Section 101(51D)(B)(iii) of title 11, United States Code, is amended to read as follows: any debtor that is an affiliate of an issuer (as defined in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c )). . Section 347(b) of title 11, United States Code, is amended by striking 1194 and inserting 1191 . On the date that is 1 year after the date of enactment of this Act, section 1182(1) of title 11, United States Code, is amended to read as follows: The term debtor means a small business debtor. . Section 101(10A)(B)(ii) of title 11, United States Code, is amended— in subclause (III), by striking ; and and inserting a semicolon; in subclause (IV), by striking the period at the end and inserting ; and ; and by adding at the end the following: Payments made under Federal law relating to the national emergency declared by the President under the National Emergencies Act ( 50 U.S.C. 1601 et seq.) with respect to the coronavirus disease 2019 (COVID–19). . Section 1325(b)(2) of title 11, United States Code, is amended by inserting payments made under Federal law relating to the national emergency declared by the President under the National Emergencies Act ( after 50 U.S.C. 1601 et seq.) with respect to the coronavirus disease 2019 (COVID–19), other than . Section 1329 of title 11, United States Code, is amended by adding at end the following: Subject to paragraph (3), for a plan confirmed prior to the date of enactment of this subsection, the plan may be modified upon the request of the debtor if— the debtor is experiencing or has experienced a material financial hardship due, directly or indirectly, to the coronavirus disease 2019 (COVID–19) pandemic; and the modification is approved after notice and a hearing. A plan modified under paragraph
(1)may not provide for payments over a period that expires more than 7 years after the time that the first payment under the original confirmed plan was due. Sections 1322(a), 1322(b), 1323(c), and the requirements of section 1325(a) shall apply to any modification under paragraph (1). . The amendments made by subparagraphs
(A)and
(B)shall apply to any case commenced before, on, or after the date of enactment of this Act. The amendment made by subparagraph
(C)shall apply to any case for which a plan has been confirmed under section 1325 of title 11, United States Code, before the date of enactment of this Act. Section 101(10A)(B)(ii) of title 11, United States Code, is amended— in subclause (III), by striking the semicolon at the end and inserting ; and ; in subclause (IV), by striking ; and and inserting a period; and by striking subclause (V). Section 1325(b)(2) of title 11, United States Code, is amended by striking payments made under Federal law relating to the national emergency declared by the President under the National Emergencies Act ( . 50 U.S.C. 1601 et seq.) with respect to the coronavirus disease 2019 (COVID–19), Section 1329 of title 11, United States Code, is amended by striking subsection (d). The amendments made by subparagraph
(A)shall take effect on the date that is 1 year after the date of enactment of this Act.
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