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Code · STATUTE-COMPILATIONS · Coronavirus Aid, Relief, and Economic Security Act · Sec. 1113

Sec. 1113. BANKRUPTCY

1,041 words·~5 min read·/statute-compilations/comps-15754/sec-1113

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 1113 BANKRUPTCY ###
(a)Small Business Debtor Reorganization ####
(1)In general Section 1182(1) of title 11, United States Code, is amended to read as follows: > > #### “(1) Debtor > > The term ‘debtor’— > > > ##### “(A) > > 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 > > > ##### “(B) > > does not include— > > > ###### “(i) > > 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); > > > ###### “(ii) > > 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 > > > ###### “(iii) > > 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).” > . ####
(2)Applicability of chapters Section 103(i) of title 11, United States Code, is amended by striking “small business debtor” and inserting “debtor (as defined in section 1182)”. ####
(3)Application of amendment **[**[11 U.S.C. 1182 note](/us/usc/t11/s1182)**]** 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. ####
(4)Technical corrections #####
(A)Definition of small business debtor Section 101(51D)(B)(iii) of title 11, United States Code, is amended to read as follows: > > ### “(iii) > > 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)).” > . #####
(B)Unclaimed property Section 347(b) of title 11, United States Code, is amended by striking “1194” and inserting “1191”. ####
(5)Sunset **[**[11 U.S.C. 1182 note](/us/usc/t11/s1182)**]** On the date that is 2 years after the date of enactment of this Act, section 1182(1) of title 11, United States Code, is amended to read as follows: > > #### “(1) Debtor > > The term ‘debtor’ means a small business debtor.” > . ###
(b)Bankruptcy Relief ####
(1)In general #####
(A)Exclusion from current monthly income Section 101(10A)(B)(ii) of title 11, United States Code, is amended— ######
(i)in subclause (III), by striking “; and” and inserting a semicolon; ######
(ii)in subclause (IV), by striking the period at the end and inserting “; and”; and ######
(iii)by adding at the end the following: > > ##### “(V) > > 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).” > . #####
(B)Confirmation of plan 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 (50 U.S.C. 1601 et seq.) with respect to the coronavirus disease 2019 (COVID-19),” after “other than”. #####
(C)Modification of plan after confirmation Section 1329 of title 11, United States Code, is amended by adding at end the following: > > ### “(d) > > > ####
(1)> > 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— > > > ##### “(A) > > the debtor is experiencing or has experienced a material financial hardship due, directly or indirectly, to the coronavirus disease 2019 (COVID-19) pandemic; and > > > ##### “(B) > > the modification is approved after notice and a hearing. > > > #### “(2) > > 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. > > > #### “(3) > > Sections 1322(a), 1322(b), 1323(c), and the requirements of section 1325(a) shall apply to any modification under paragraph (1).” > . #####
(D)Applicability ######
(i)**[**[11 U.S.C. 101 note](/us/usc/t11/s101)**]** 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. ######
(ii)**[**[11 U.S.C. 1329 note](/us/usc/t11/s1329)**]** 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 the COVID–19 Bankruptcy Relief Extension Act of 2021. ####
(2)Sunset #####
(A)In general ######
(i)Exclusion from current monthly income Section 101(10A)(B)(ii) of title 11, United States Code, is amended— ######
(I)in subclause (III), by striking the semicolon at the end and inserting “; and”; ######
(II)in subclause (IV), by striking “; and” and inserting a period; and ######
(III)by striking subclause (V). ######
(ii)Confirmation of plan 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),”. ######
(iii)Modification of plan after confirmation Section 1329 of title 11, United States Code, is amended by striking subsection (d). #####
(B)Effective date **[**[11 U.S.C. 101 note](/us/usc/t11/s101)**]** The amendments made by subparagraph
(A)shall take effect on the date that is 2 years after the date of enactment of this Act.
Connectionstraces to 6
Citation graph
cites case law
Sec. 1113
BANKRUPTCY
U.S.C.§ 78m
U.S.C.§ 78c
U.S.C.§ 1182
U.S.C.§ 1601
U.S.C.§ 101
U.S.C.§ 1329
Cites 6Cited by 0 across 0 sources
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