(a) The plan shall--
(1) provide for the submission of all or such
portion of future earnings or other future income of the debtor to the
supervision and control of the trustee as is necessary for the execution of
the plan;
(2) provide for the full payment, in deferred
cash payments, of all claims entitled to priority under section
507 of this title, unless the holder of a particular claim agrees to a
different treatment of such claim;
(3) if the plan classifies claims, provide the
same treatment for each claim within a particular class;
and
(4) notwithstanding any other
provision of this section, a plan may provide for less than full payment of
all amounts owed for a claim entitled to priority under section
507(a)(1)(B) only if the plan provides that all of the debtor's
projected disposable income for a 5-year period beginning on the date that
the first payment is due under the plan will be applied to make payments
under the plan.
(b) Subject to subsections (a) and (c) of this
section, the plan may--
(1) designate a class or classes of unsecured
claims, as provided in section
1122 of this title, but may not discriminate unfairly against any class
so designated; however, such plan may treat claims for a consumer debt of
the debtor if an individual is liable on such consumer debt with the debtor
differently than other unsecured claims;
(2) modify the rights of holders of secured
claims, other than a claim secured only by a security interest in real
property that is the debtor’s principal residence, or of holders of
unsecured claims, or leave unaffected the rights of holders of any class of
claims;
(3) provide for the curing or waiving of any
default;
(4) provide for payments on any unsecured claim
to be made concurrently with payments on any secured claim or any other
unsecured claim;
(5) notwithstanding paragraph (2) of this
subsection, provide for the curing of any default within a reasonable time
and maintenance of payments while the case is pending on any unsecured claim
or secured claim on which the last payment is due after the date on which
the final payment under the plan is due;
(6) provide for the payment of all or any part
of any claim allowed under section
1305 of this title;
(7) subject to section
365 of this title, provide for the assumption, rejection, or assignment
of any executory contract or unexpired lease of the debtor not previously
rejected under such section;
(8) provide for the payment of all or part of a
claim against the debtor from property of the estate or property of the
debtor;
(9) provide for the vesting of property of the
estate, on confirmation of the plan or at a later time, in the debtor or in
any other entity;
(10) provide for the payment of
interest accruing after the date of the filing of the petition on unsecured
claims that are nondischargeable under section
1328(a), except that such interest may be paid only to the extent that
the debtor has disposable income available to pay such interest after making
provision for full payment of all allowed claims; and
(11)
include any other appropriate provision not inconsistent with this title.
(c) Notwithstanding subsection (b)(2) and applicable
nonbankruptcy law--
(1) a default with respect to, or that gave rise
to, a lien on the debtor’s principal residence may be cured under
paragraph (3) or (5) of subsection (b) until such residence is sold at a
foreclosure sale that is conducted in accordance with applicable
nonbankruptcy law; and
(2) in a case in which the last payment on the
original payment schedule for a claim secured only by a security interest in
real property that is the debtor’s principal residence is due before the
date on which the final payment under the plan is due, the plan may provide
for the payment of the claim as modified pursuant to section
1325(a)(5) of this title.
(d)
(1) If the current monthly
income of the debtor and the debtor's spouse combined, when multiplied by
12, is not less than--
(A) in the case of a debtor
in a household of 1 person, the median family income of the applicable
State for 1 earner;
(B) in the case of a debtor
in a household of 2, 3, or 4 individuals, the highest median family income
of the applicable State for a family of the same number or fewer
individuals; or
(C) in the case of a debtor
in a household exceeding 4 individuals, the highest median family income
of the applicable State for a family of 4 or fewer individuals, plus $525 []
per month for each individual in excess of 4,
the plan may not provide for payments over a period that
is longer than 5 years.
(2) If the current monthly
income of the debtor and the debtor's spouse combined, when multiplied by
12, is less than--
(A) in the case of a debtor
in a household of 1 person, the median family income of the applicable
State for 1 earner;
(B) in the case of a debtor
in a household of 2, 3, or 4 individuals, the highest median family income
of the applicable State for a family of the same number or fewer
individuals; or
(C) in the case of a debtor
in a household exceeding 4 individuals, the highest median family income
of the applicable State for a family of 4 or fewer individuals, plus $525 []
per month for each individual in excess of 4,
the plan may not provide for payments over a period that
is longer than 3 years, unless the court, for cause, approves a longer
period, but the court may not approve a period that is longer than 5 years.
[Dollar amounts in subsections 523(a)(2)(C)(i) and (ii)
are adjusted on April 1 every 3 years by section
104. Adjusted amounts effective
are in brackets.]
(e) Notwithstanding subsection (b)(2) of this section
and sections
506(b) and 1325(a)(5)
of this title, if it is proposed in a plan to cure a default, the amount
necessary to cure the default, shall be determined in accordance with the
underlying agreement and applicable nonbankruptcy law.
(f) A plan may not materially alter
the terms of a loan described in section
362(b)(19) and any amounts required to repay such loan shall not
constitute "disposable income" under section
1325.
[Rev. 5-27-05]
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