CHAPTER 13

 Only “individuals with regular income” may file Chapter 13 petitions and propose plans providing for the composition and extension of debts. Relief under this chapter is not available to artificial persons, nor is it available to individuals who do not receive regular income or are carrying heavy debt loads. 11 USC 109. A Chapter 13 debtor normally files, along with a voluntary petition, a proposed Chapter 13 plan, in which the debtor proposes to pay all or a portion of the debts over time with regular income. Unlike the Chapter 7 debtor, the Chapter 13 debtor is not required to surrender nonexempt property to the trustee for liquidation; the plan may propose that the debtor keep this property they pay the debts. Unlike the Chapter 11 debtor, the Chapter 13 debtor does not receive a discharge once the plan is confirmed; discharge is granted only when the debtor performs all the obligations under the plan or otherwise qualifies for a hardship discharge.

11 USC 109(e) provides that only an individual with regular income who owes on the date of filing a Chapter 13 petition noncontingent, liquidated debts of less than $2,750,000 or an individual with regular income and the individual’s spouse, except a stockbroker or a commodity broker, who owe on the date of the petition noncontingent, liquidated debts that aggregate less than $2,750,000 may be eligible to be a Chapter 13 debtor.