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APPLICATION of DEBTOR in POSSESSION to EMPLOY ATTORNEYS Form

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APPLICATION of DEBTOR in POSSESSION to EMPLOY ATTORNEYS Form

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a chapter 7 bankruptcy the court will appoint a chapter 7 trustee to administer the assets in a chapter 13 bankruptcy the court will appoint a chapter 13 trustee to administer the chapter 13 plan but generally in a chapter 11 there is no chapter trustee instead the debtor serves as a quasi trustee called the debtor in possession and that veteran possession has most of the rights and duties uh and obligations of a say a chapter 7 trustee in a chapter 7 or chapter 13 trustee in chapter 13. and so the debtor and the veteran possession are one in the same the reason that we focus on this term veteran possession is because that uh person that entity that uh thing uh has control over the bankruptcy estate and is supposed to manage it at least in part for the benefit of the creditors so perhaps i should make the observation that when someone whether it's a business or an individual or a married couple files for chapter 11 protection the act of filing the papers creates a bankruptcy es

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