What is a Debtor In Possession?
By Nicholas Ortiz, Boston Bankruptcy Attorney on Oct 15, 2007 in General Bankruptcy Information
A debtor in possession (“DIP”) is a bankruptcy debtor who retains possession of property of the estate. The term “debtor in possession” is a term of art applicable to Chapter 11 cases only. 11 U.S.C.A. § 1101(1). However, Chapter 13 and Chapter 12 debtors have many of the same rights to retain and use estate property, even if it is non-exempt. Of course, debtors always retain properly-exempted property, even in Chapter 7 cases.
If you liked that post, then try these...
Should I Borrow From My Builder's Preferred Lender? by Chip Parker, Jacksonville Bankruptcy Attorney
Who are the Chapter 7 and 13 Trustees in Austin, Texas? by Pamela Stewart, Attorney at Law
What Can I Keep In a Bankruptcy? by Brett Weiss, Maryland Bankruptcy Attorney
You must be logged in to post a comment.