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TITLE
11. BANKRUPTCY CHAPTER
1. GENERAL PROVISIONS (a)
Notwithstanding any other provision of this section, only a person that resides
or has a domicile, a place of business, or property in the United States, or a
municipality, may be a debtor under this title [11 USCS @@ 101 et seq.]. (b)
A person may be a debtor under chapter 7 of this title [11 USCS @@ 701 et
seq.] only if such person is not-- (1)
a railroad; (2)
a domestic insurance company, bank, savings bank, cooperative bank,
savings and loan association, building and loan association, homestead
association, a New Markets Venture Capital company as defined in section 351 of
the Small Business Investment Act of 1958 [15 USCS @ 689], a small business
investment company licensed by the Small Business Administration under
subsection (c) or (d) of section 301 of the Small Business Investment Act of
1958 [15 USCS @ 681], credit union, or industrial bank or similar institution
which is an insured bank as defined in section 3(h) of the Federal Deposit
Insurance Act [12 USCS @ 1813(h)], except that an uninsured State member bank,
or a corporation organized under section 25A of the Federal Reserve Act [12 USCS
@@ 611 et seq.], which operates, or operates as, a multilateral clearing
organization pursuant to section 409 of the Federal Deposit Insurance
Corporation Improvement Act of 1991 [12 USCS @ 4422] may be a debtor if a
petition is filed at the direction of the Board of Governors of the Federal
Reserve System; or (3)
a foreign insurance company, bank, savings bank, cooperative bank,
savings and loan association, building and loan association, homestead
association, or credit union, engaged in such business in the United States. (c)
An entity may be a debtor under chapter 9 of this title [11 USCS @@ 901
et seq.] if and only if such entity-- (1)
is a municipality; (2)
is specifically authorized, in its capacity as a municipality or by name,
to be a debtor under such chapter [11 USCS @@ 901 et seq.] by State law, or by a
governmental officer or organization empowered by State law to authorize such
entity to be a debtor under such chapter [11 USCS @@ 901 et seq.]; (3)
is insolvent; (4)
desires to effect a plan to adjust such debts; and (5)
(A) has obtained the agreement of creditors holding at least a majority
in amount of the claims of each class that such entity intends to impair under a
plan in a case under such chapter [11 USCS @@ 901 et seq.]; (B)
has negotiated in good faith with creditors and has failed to obtain the
agreement of creditors holding at least a majority in amount of the claims of
each class that such entity intends to impair under a plan in a case under such
chapter [11 USCS @@ 901 et seq.]; (C)
is unable to negotiate with creditors because such negotiation is impracticable;
or (D)
reasonably believes that a creditor may attempt to obtain a transfer that is
avoidable under section 547 of this title [11 USCS @ 547]. (d)
Only a railroad, a person that may be a debtor under chapter 7 of this
title [11 USCS @@ 701 et seq.] (except a stockbroker or a commodity broker), and
an uninsured State member bank, or a corporation organized under section 25A of
the Federal Reserve Act [12 USCS @@ 611 et seq.], which operates, or operates
as, a multilateral clearing organization pursuant to section 409 of the Federal
Deposit Insurance Corporation Improvement Act of 1991 [12 USCS @ 4422] may be a
debtor under chapter 11 of this title [11 USCS @@ 1101 et seq.]. (e)
Only an individual with regular income that owes, on the date of the
filing of the petition, noncontingent, liquidated, unsecured debts of less than
$ 290,525 and noncontingent, liquidated, secured debts of less than $ 871,550 or
an individual with regular income and such individual's spouse, except a
stockbroker or a commodity broker, that owe, on the date of the filing of the
petition, noncontingent, liquidated, unsecured debts that aggregate less than $
290,525 and noncontingent, liquidated, secured debts of less than $ 871,550 may
be a debtor under chapter 13 of this title [11 USCS @@ 1301 et seq.]. (f)
Only a family farmer with regular annual income may be a debtor under
chapter 12 of this title. (g)
Notwithstanding any other provision of this section, no individual or
family farmer may be a debtor under this title who has been a debtor in a case
pending under this title at any time in the preceding 180 days if-- (1)
the case was dismissed by the court for willful failure of the debtor to
abide by orders of the court, or to appear before the court in proper
prosecution of the case; or (2)
the debtor requested and obtained the voluntary dismissal of the case
following the filing of a request for relief from the automatic stay provided by
section 362 of this title.
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