Los Angeles Bankruptcy Attorney, Bankruptcy Lawyer, Bankruptcy Code 11 USC Section 308

TITLE 11 - BANKRUPTCY
CHAPTER 3 - CASE ADMINISTRATION
    SUBCHAPTER I - COMMENCEMENT OF A CASE

-HEAD-
    Sec. 308. Debtor reporting requirements

-STATUTE-
      (a) For purposes of this section, the term "profitability" means,
    with respect to a debtor, the amount of money that the debtor has
    earned or lost during current and recent fiscal periods.
      (b) A small business debtor shall file periodic financial and
    other reports containing information including - 
        (1) the debtor's profitability;
        (2) reasonable approximations of the debtor's projected cash
      receipts and cash disbursements over a reasonable period;
        (3) comparisons of actual cash receipts and disbursements with
      projections in prior reports;
        (4)(A) whether the debtor is - 
          (i) in compliance in all material respects with postpetition
        requirements imposed by this title and the Federal Rules of
        Bankruptcy Procedure; and
          (ii) timely filing tax returns and other required government
        filings and paying taxes and other administrative expenses when
        due;

        (B) if the debtor is not in compliance with the requirements
      referred to in subparagraph (A)(i) or filing tax returns and
      other required government filings and making the payments
      referred to in subparagraph (A)(ii), what the failures are and
      how, at what cost, and when the debtor intends to remedy such
      failures; and
        (C) such other matters as are in the best interests of the
      debtor and creditors, and in the public interest in fair and
      efficient procedures under chapter 11 of this title.

-SOURCE-
    (Added Pub. L. 109-8, title IV, Sec. 434(a)(1), Apr. 20, 2005, 119
    Stat. 111.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Federal Rules of Bankruptcy Procedure, referred to in subsec.
    (b)(4)(A)(i), are set out in the Appendix to this title.


                              EFFECTIVE DATE                          
      Pub. L. 109-8, title IV, Sec. 434(b), Apr. 20, 2005, 119 Stat.
    111, provided that: "The amendments made by subsection (a)
    [enacting this section] shall take effect 60 days after the date on
    which rules are prescribed under section 2075 of title 28, United
    States Code, to establish forms to be used to comply with section
    308 of title 11, United States Code, as added by subsection (a)."

-End-
Professional Membership
