Debtor in possession

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A debtor in possession, in United States bankruptcy law, is a person who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. This is often the case where the property is a personal vehicle which has depreciated in value since the time of the purpose, and which the debtor needs in order to be able to find or continue employment to pay off his debts.


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