PUBLIC LAW 109–8—APR. 20, 2005
119 STAT. 187
‘‘(ii) each of the 2d and 3d taxable years preceding; the taxable year’’. SEC. 1006. PROHIBITION OF RETROACTIVE ASSESSMENT OF DISPOSABLE INCOME.
(a) CONFIRMATION OF PLAN.—Section 1225(b)(1) of title 11, United States Code, is amended— (1) in subparagraph (A) by striking ‘‘or’’ at the end; (2) in subparagraph (B) by striking the period at the end and inserting ‘‘; or’’; and (3) by adding at the end the following: ‘‘(C) the value of the property to be distributed under the plan in the 3-year period, or such longer period as the court may approve under section 1222(c), beginning on the date that the first distribution is due under the plan is not less than the debtor’s projected disposable income for such period.’’. (b) MODIFICATION OF PLAN.—Section 1229 of title 11, United States Code, is amended by adding at the end the following: ‘‘(d) A plan may not be modified under this section— ‘‘(1) to increase the amount of any payment due before the plan as modified becomes the plan; ‘‘(2) by anyone except the debtor, based on an increase in the debtor’s disposable income, to increase the amount of payments to unsecured creditors required for a particular month so that the aggregate of such payments exceeds the debtor’s disposable income for such month; or ‘‘(3) in the last year of the plan by anyone except the debtor, to require payments that would leave the debtor with insufficient funds to carry on the farming operation after the plan is completed.’’. SEC. 1007. FAMILY FISHERMEN.
(a) DEFINITIONS.—Section 101 of title 11, United States Code, is amended— (1) by inserting after paragraph (7) the following: ‘‘(7A) ‘commercial fishing operation’ means— ‘‘(A) the catching or harvesting of fish, shrimp, lobsters, urchins, seaweed, shellfish, or other aquatic species or products of such species; or ‘‘(B) for purposes of section 109 and chapter 12, aquaculture activities consisting of raising for market any species or product described in subparagraph (A); ‘‘(7B) ‘commercial fishing vessel’ means a vessel used by a family fisherman to carry out a commercial fishing operation;’’; and (2) by inserting after paragraph (19) the following: ‘‘(19A) ‘family fisherman’ means— ‘‘(A) an individual or individual and spouse engaged in a commercial fishing operation— ‘‘(i) whose aggregate debts do not exceed $1,500,000 and not less than 80 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual and spouse, unless such debt arises out of a commercial fishing operation), on the date the case is filed, arise out of a commercial fishing operation
08:19 Oct 26, 2006