Judge has limited power to appoint a trustee. The court appoints committee of unsecured creditors after order of relief. All persons who are entitled to participate in the plan of reorganization have a period of not less than five years from the date of the final decree to exchange in the old business organization for the new securities in the new business organization. Applies to Family Farmers and Individuals and the adjustment of their debts. Chapter 12, Adjustment of Debts of a Family Farmer with Regular Annual Income.
Farmer remains in possession of the estate.
Duties same as Chapter 7. Must file plan within 90 days. Full payment for each priority creditor Same treatment of claims in the same class. Must be initiated by filing voluntarily. Plan must be submitted 15 days after filing.