Page:United States Statutes at Large Volume 100 Part 4.djvu/183

 PUBLIC LAW 99-554—OCT. 27, 1986

100 STAT. 3111

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"(2) any fee, charge, or amount required under chapter 123 of title 28, or by the plan, to be paid before confirmation, has been 28 USC 1911 et paid; seq. "(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; ii usc 701 et "(5) with respect to each allowed secured claim provided for seq. by the plan— '} "(A) the holder of such claim has accepted the plan; "(B)(i) the plan provides that the holder of such claim j*^ retain the lien securing such claim; and L:!'; "(ii) the value, as of the effective date of the plan, of l^ij property to be distributed by the trustee or the debtor nnd \ under the plan on account of such claim is not less than the allowed amount of such claim; or ^^fj "(C) the debtor surrenders the property securing such l/^ y !| claim to such holder; and "(6) the debtor will be able to make all payments under the g, 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 BSSi oeu ii iI "(B) the plan provides that all of the debtor's projected disposable income to be received in the three-year period, or such a longer period as the court may approve under section 1222(c), J 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 V continuation, preservation, and operation of the debtor's i< 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. "§ 1226. Payments "(a) Pa)nnents and funds received by the trustee shall be retained by the trustee until confirmation or denial of confirmation of a plan. If a plan is confirmed, the trustee shall distribute any such payment in accordance with the plan. If a plan is not confirmed, the trustee shall return any such payments to the debtor, after deducting— "(1) any unpaid claim allowed under section 503(b) of this title; and "(2) if a standing trustee is serving in the case, the percentage fee fixed for such standing trustee.

11 USC 1226.

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