Page:United States Statutes at Large Volume 119.djvu/114

 119 STAT. 96

Applicability.

PUBLIC LAW 109–8—APR. 20, 2005 ‘‘(B) at any time after the confirmation of the plan, and after notice and a hearing, the court may grant a discharge to the debtor who has not completed payments under the plan if— ‘‘(i) the value, as of the effective date of the plan, of property actually distributed under the plan on account of each allowed unsecured claim is not less than the amount that would have been paid on such claim if the estate of the debtor had been liquidated under chapter 7 on such date; and ‘‘(ii) modification of the plan under section 1127 is not practicable; and’’. (e) MODIFICATION OF PLAN.—Section 1127 of title 11, United States Code, is amended by adding at the end the following: ‘‘(e) If the debtor is an individual, the plan may be modified at any time after confirmation of the plan but before the completion of payments under the plan, whether or not the plan has been substantially consummated, upon request of the debtor, the trustee, the United States trustee, or the holder of an allowed unsecured claim, to— ‘‘(1) increase or reduce the amount of payments on claims of a particular class provided for by the plan; ‘‘(2) extend or reduce the time period for such payments; or ‘‘(3) alter the amount of the distribution to a creditor whose claim is provided for by the plan to the extent necessary to take account of any payment of such claim made other than under the plan. ‘‘(f)(1) Sections 1121 through 1128 and the requirements of section 1129 apply to any modification under subsection (a). ‘‘(2) The plan, as modified, shall become the plan only after there has been disclosure under section 1125 as the court may direct, notice and a hearing, and such modification is approved.’’. SEC. 322. LIMITATIONS ON HOMESTEAD EXEMPTION.

(a) EXEMPTIONS.—Section 522 of title 11, United States Code, as amended by sections 224 and 308, is amended by adding at the end the following: ‘‘(p)(1) Except as provided in paragraph (2) of this subsection and sections 544 and 548, as a result of electing under subsection (b)(3)(A) to exempt property under State or local law, a debtor may not exempt any amount of interest that was acquired by the debtor during the 1215-day period preceding the date of the filing of the petition that exceeds in the aggregate $125,000 in value in— ‘‘(A) real or personal property that the debtor or a dependent of the debtor uses as a residence; ‘‘(B) a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence; ‘‘(C) a burial plot for the debtor or a dependent of the debtor; or ‘‘(D) real or personal property that the debtor or dependent of the debtor claims as a homestead. ‘‘(2)(A) The limitation under paragraph (1) shall not apply to an exemption claimed under subsection (b)(3)(A) by a family farmer for the principal residence of such farmer.

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