CHAPTER 11 CASES FILED BY INDIVIDUALS.

SEC. 321. CHAPTER 11 CASES FILED BY INDIVIDUALS.(a) Property of the Estate.—(1) In general.—Subchapter I of chapter 11 of title 11, United States Code, is amended by adding at the end the following:“§ 1115. Property of the estate“(a) In a case in which the debtor is an individual, property of the estate includes, in addition to the property specified in section 541—“(1) all property of the kind specified in section 541 that the debtor acquires after the commencement of the case but before the case is closed, dismissed, or converted to a case under chapter 7, 12, or 13, whichever occurs first; and“(2) earnings from services performed by the debtor after the commencement of the case but before the case is closed, dismissed, or converted to a case under chapter 7, 12, or 13, whichever occurs first.119 STAT. 95“(b) Except as provided in section 1104 or a confirmed plan or order confirming a plan, the debtor shall remain in possession of all property of the estate.” .(2) Clerical amendment.—The table of sections for subchapter I of chapter 11 of title 11, United States Code, is amended by adding at the end the following: “1115. Property of the estate.”. (b) Contents of Plan.—Section 1123(a) of title 11, United States Code, is amended—(1) in paragraph (6), by striking “and” at the end;(2) in paragraph (7), by striking the period and inserting “; and”; and (3) by adding at the end the following:“(8) in a case in which the debtor is an individual, provide for the payment to creditors under the plan of all or such portion of earnings from personal services performed by the debtor after the commencement of the case or other future income of the debtor as is necessary for the execution of the plan.”.(c) Confirmation of Plan.—(1) Requirements relating to value of property.—Section 1129(a) of title 11, United States Code, as amended by section 213, is amended by adding at the end the following:“(15) In a case in which the debtor is an individual and in which the holder of an allowed unsecured claim objects to the confirmation of the plan—“(A) the value, as of the effective date of the plan, of the property to be distributed under the plan on account of such claim is not less than the amount of such claim; or “(B) the value of the property to be distributed under the plan is not less than the projected disposable income of the debtor (as defined in section 1325(b)(2)) to be received during the 5-year period beginning on the date that the first payment is due under the plan, or during the period for which the plan provides payments, whichever is longer.”. (2) Requirement relating to interests in property.—Section 1129(b)(2)(B)(ii) of title 11, United States Code, is amended by inserting before the period at the end the following: “, except that in a case in which the debtor is an individual, the debtor may retain property included in the estate under section 1115, subject to the requirements of subsection (a)(14) of this section”.(d) Effect of Confirmation.—Section 1141(d) of title 11, United States Code, is amended—(1) in paragraph (2), by striking “The confirmation of a plan does not discharge an individual debtor” and inserting “A discharge under this chapter does not discharge a debtor who is an individual”; and(2) by adding at the end the following:“(5) In a case in which the debtor is an individual—“(A) unless after notice and a hearing the court orders otherwise for cause, confirmation of the plan does not discharge any debt provided for in the plan until the court grants a discharge on completion of all payments under the plan;119 STAT. 96“(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.”.