except that nothing in subparagraphs (A) and (B) of this paragraph shall alter the debtor's or the trustee's rights with regard to such property under this title, except as provided in section 362(h);
If the debtor fails to so act within the 45-day period referred to in paragraph (6), the stay under section 362(a) is terminated with respect to the personal property of the estate or of the debtor which is affected, such property shall no longer be property of the estate, and the creditor may take whatever action as to such property as is permitted by applicable nonbankruptcy law, unless the court determines on the motion of the trustee filed before the expiration of such 45-day period, and after notice and a hearing, that such property is of consequential value or benefit to the estate, orders appropriate adequate protection of the creditor's interest, and orders the debtor to deliver any collateral in the debtor's possession to the trustee.
a statement, under penalty of perjury, of the income and expenditures of the debtor during the tax year of the debtor most recently concluded before such statement is filed under this paragraph, and of the monthly income of the debtor, that shows how income, expenditures, and monthly income are calculated.
1 So in original. A closing parenthesis probably should precede the comma.
11 U.S.C. § 521
HISTORICAL AND REVISION NOTES
LEGISLATIVE STATEMENTSSection 521 of the House amendment modifies a comparable provision contained in the House bill and Senate amendment. The Rules of Bankruptcy Procedure should provide where the list of creditors is to be filed. In addition, the debtor is required to attend the hearing on discharge under section 524(d).
SENATE REPORT NO. 95-989This section lists three duties of the debtor in a bankruptcy case. The Rules of Bankruptcy Procedure will specify the means of carrying out these duties. The first duty is to file with the court a list of creditors and, unless the court orders otherwise, a schedule of assets and liabilities and a statement of his financial affairs. Second, the debtor is required to cooperate with the trustee as necessary to enable the trustee to perform the trustee's duties. Finally, the debtor must surrender to the trustee all property of the estate, and any recorded information, including books, documents, records, and papers, relating to property of the estate. This phrase "recorded information, including books, documents, records, and papers," has been used here and throughout the bill as a more general term, and includes such other forms of recorded information as data in computer storage or in other machine readable forms.The list in this section is not exhaustive of the debtor's duties. Others are listed elsewhere in proposed title 11, such as in section 343, which requires the debtor to submit to examination, or in the Rules of Bankruptcy Procedure, as continued by §404(a) of S. 2266, such as the duty to attend any hearing on discharge, Rule 402(2).
REFERENCES IN TEXTSection 3 of the Employee Retirement Income Security Act of 1974, referred to in subsec. (a)(7), is classified to sectionof Title 29, Labor.Sections 530(b)(1), 529A(b), and 529(b)(1) of the Internal Revenue Code of 1986, referred to in subsec. (c), are classified to sections 530(b)(1), 529A(b), and 529(b)(1), respectively, of Title 26, Internal Revenue Code.Section 315(c) of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, referred to in subsec. (g)(2), is section 315(c) of Pub. L. 109-8 which is set out as a note under this section.
AMENDMENTS2014-Subsec. (c). Pub. L. 113-295 inserted ", an interest in an account in a qualified ABLE program (as defined in section 529A(b) of such Code," after "Internal Revenue Code of 1986)".2010-Subsec. (a)(2). Pub. L. 111-327, §2(a)(16)(A)(iii), in subpar. (C) substituted "except that" for subpar. (C) designation.Subsec. (a)(2)(A). Pub. L. 111-327, §2(a)(16)(A)(i), struck out "the debtor shall" after "period fixes," and inserted "and" after semicolon at end.Subsec. (a)(2)(B). Pub. L. 111-327, §2(a)(16)(A)(ii), struck out "the debtor shall" after "period fixes," and "and" after semicolon at end.Subsec. (a)(3), (4). Pub. L. 111-327, §2(a)(16)(B), inserted "is" after "auditor".2009-Subsec. (e)(3)(B). Pub. L. 111-16, §2(5), substituted "7 days" for "5 days".Subsec. (i)(2). Pub. L. 111-16, §2(6), substituted "7 days" for "5 days".2005- Pub. L. 109-8, §106(d)(1), designated existing provisions as subsec. (a).Subsec. (a). Pub. L. 109-8, §304(1), added concluding provisions.Subsec. (a)(1). Pub. L. 109-8, §315(b)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "file a list of creditors, and unless the court orders otherwise, a schedule of assets and liabilities, a schedule of current income and current expenditures, and a statement of the debtor's financial affairs;".Subsec. (a)(2). Pub. L. 109-8, §305(2)(A), struck out "consumer" before "debts" in introductory provisions.Subsec. (a)(2)(B). Pub. L. 109-8, §305(2)(B), substituted "30 days after the first date set for the meeting of creditors under section 341(a)" for "forty-five days after the filing of a notice of intent under this section" and "30-day" for "forty-five day".Subsec. (a)(2)(C). Pub. L. 109-8, §305(2)(C), inserted ", except as provided in section 362(h)" before semicolon.Subsec. (a)(3), (4). Pub. L. 109-8, §603(c), inserted "or an auditor serving under section of title 28" after "serving in the case".Subsec. (a)(6). Pub. L. 109-8, §304(1), added par. (6).Subsec. (a)(7). Pub. L. 109-8, §446(a), added par. (7).Subsec. (b). Pub. L. 109-8, §106(d)(2), added subsec. (b).Subsec. (c). Pub. L. 109-8, §225(b), added subsec. (c).Subsec. (d). Pub. L. 109-8, §305(2)(D), added subsec. (d).Subsecs. (e) to (h). Pub. L. 109-8, §315(b)(2), added subsecs. (e) to (h).Subsec. (i). Pub. L. 109-8, §316, added subsec. (i).Subsec. (j). Pub. L. 109-8, §720, added subsec. (j).1986-Par. (4). Pub. L. 99-554 inserted ", whether or not immunity is granted under section of this title" after second reference to "estate".1984-Par. (1). Pub. L. 98-353, §305(2), inserted "a schedule of current income and current expenditures," after "liabilities,".Pars. (2) to (5). Pub. L. 98-353, §305(1), (3), added par. (2), redesignated former pars. (2) to (4) as (3) to (5), respectively.Pub. L. 98-353, §452, which directed the insertion of ", whether or not immunity is granted under section of this title" after second reference to "estate" in par. (3) as redesignated above, could not be executed because such reference appeared in par. (4) rather than in par. (3).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2014 AMENDMENT Pub. L. 113-295, div. B, title I, §104(d), Dec. 19, 2014, 128 Stat. 4064, provided that: "The amendments made by this section [amending this section and sectionsand of this title] shall apply with respect to cases commenced under title 11, United States Code, on or after the date of the enactment of this Act [Dec. 19, 2014]."
EFFECTIVE DATE OF 2009 AMENDMENTAmendment by Pub. L. 111-16 effective Dec. 1, 2009, see section 7 of Pub. L. 111-16 set out as a note under sectionof this title.
EFFECTIVE DATE OF 2005 AMENDMENT Pub. L. 109-8, title VI, §603(e), Apr. 20, 2005, 119 Stat. 123, provided that: "The amendments made by this section [amending this section, sectionof this title and section of Title 28, Judiciary and Judicial Procedure, and enacting provisions set out as a note under section of Title 28] shall take effect 18 months after the date of enactment of this Act [Apr. 20, 2005]."Amendment by sections 106(d), 225(b), 304(1), 305(2), 315(b), 316, 446(a), and 720 of Pub. L. 109-8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109-8 set out as a note under section of this title.
EFFECTIVE DATE OF 1986 AMENDMENTAmendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554 set out as a note under sectionof Title 28, Judiciary and Judicial Procedure.
EFFECTIVE DATE OF 1984 AMENDMENTAmendment by Pub. L. 98-353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98-353 set out as a note under sectionof this title.
CONFIDENTIALITY OF TAX INFORMATION Pub. L. 109-8, title III, §315(c), Apr. 20, 2005, 119 Stat. 91, provided that:"(1) Not later than 180 days after the date of the enactment of this Act [Apr. 20, 2005], the Director of the Administrative Office of the United States Courts shall establish procedures for safeguarding the confidentiality of any tax information required to be provided under this section."(2) The procedures under paragraph (1) shall include restrictions on creditor access to tax information that is required to be provided under this section."(3) Not later than 540 days after the date of enactment of this Act, the Director of the Administrative Office of the United States Courts shall prepare and submit to the President pro tempore of the Senate and the Speaker of the House of Representatives a report that-"(A) assesses the effectiveness of the procedures established under paragraph (1); and"(B) if appropriate, includes proposed legislation to-"(i) further protect the confidentiality of tax information; and"(ii) provide penalties for the improper use by any person of the tax information required to be provided under this section."
PROVIDING REQUESTED TAX DOCUMENTS TO THE COURT Pub. L. 109-8, title XII, §12281228,, 119 Stat. 200, provided that:"(a) CHAPTER 7 CASES.-The court shall not grant a discharge in the case of an individual who is a debtor in a case under chapter 7 of title 11, United States Code, unless requested tax documents have been provided to the court."(b) CHAPTER 11 AND CHAPTER 13 CASES.-The court shall not confirm a plan of reorganization in the case of an individual under chapter 11 or 13 of title 11, United States Code, unless requested tax documents have been filed with the court."(c) DOCUMENT RETENTION.-The court shall destroy documents submitted in support of a bankruptcy claim not sooner than 3 years after the date of the conclusion of a case filed by an individual under chapter 7, 11, or 13 of title 11, United States Code. In the event of a pending audit or enforcement action, the court may extend the time for destruction of such requested tax documents."
- The term "attorney" means attorney, professional law association, corporation, or partnership, authorized under applicable law to practice law.(4A) The term "bankruptcy assistance" means any goods or services sold or otherwise provided to an assisted person with the express or implied purpose of providing information, advice, counsel, document preparation, or filing, or attendance at a creditors' meeting or appearing in a case or proceeding on behalf of another or providing legal representation with respect to a case or proceeding under this title.
- The term "claim" means-(A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or(B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.
- The term "debt" means liability on a claim.(12A) The term "debt relief agency" means any person who provides any bankruptcy assistance to an assisted person in return for the payment of money or other valuable consideration, or who is a bankruptcy petition preparer under section 110, but does not include-(A) any person who is an officer, director, employee, or agent of a person who provides such assistance or of the bankruptcy petition preparer;(B) a nonprofit organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986;(C) a creditor of such assisted person, to the extent that the creditor is assisting such assisted person to restructure any debt owed by such assisted person to the creditor;(D) a depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or any Federal credit union or State credit union (as those terms are defined in section 101 of the Federal Credit Union Act), or any affiliate or subsidiary of such depository institution or credit union; or(E) an author, publisher, distributor, or seller of works subject to copyright protection under title 17, when acting in such capacity.
- The term "debtor" means person or municipality concerning which a case under this title has been commenced.(13A) The term "debtor's principal residence"-(A) means a residential structure if used as the principal residence by the debtor, including incidental property, without regard to whether that structure is attached to real property; and(B) includes an individual condominium or cooperative unit, a mobile or manufactured home, or trailer if used as the principal residence by the debtor.
- The term "entity" includes person, estate, trust, governmental unit, and United States trustee.
- The term "petition" means petition filed under section 301, 302, 303 and 3 1504 of this title, as the case may be, commencing a case under this title.(42A) The term "production payment" means a term overriding royalty satisfiable in cash or in kind-(A) contingent on the production of a liquid or gaseous hydrocarbon from particular real property; and(B) from a specified volume, or a specified value, from the liquid or gaseous hydrocarbon produced from such property, and determined without regard to production costs.
- security interest
- The term "security interest" means lien created by an agreement.(51A) The term "settlement payment" means, for purposes of the forward contract provisions of this title, a preliminary settlement payment, a partial settlement payment, an interim settlement payment, a settlement payment on account, a final settlement payment, a net settlement payment, or any other similar payment commonly used in the forward contract trade.(51B) The term "single asset real estate" means real property constituting a single property or project, other than residential real property with fewer than 4 residential units, which generates substantially all of the gross income of a debtor who is not a family farmer and on which no substantial business is being conducted by a debtor other than the business of operating the real property and activities incidental thereto.(51C) The term "small business case" means a case filed under chapter 11 of this title in which the debtor is a small business debtor and has not elected that subchapter V of chapter 11 of this title shall apply.(51D) The term "small business 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 $2,000,000 1 (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 $2,000,000 1 (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 )).