What is a Debtor In Possession?

15 Oct What is a Debtor In Possession?

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.

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Nicholas Ortiz, Boston Bankruptcy Attorney

From Attorney Ortiz: We have been helping consumers and small businesses in Massachusetts successfully navigate through the bankruptcy process since 2002. We offer free initial consultations and payment plans. Call us at 617-716-0282 to discuss your debt relief options. Mention the Bankruptcy Law Network when you call!
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