Missouri Statement of Your Financial Affairs (non-individuals)
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How to fill out Statement Of Your Financial Affairs (non-individuals)?
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FAQ
Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
A debtor in possession (DIP) is a business or individual that has filed for Chapter 11 bankruptcy protection but still holds property to which creditors have a legal claim under a lien or other security interest.
A trustee is appointed to take control of certain assets of the debtor, bring these assets into the estate, and sell or distribute these assets for the benefit of creditors. Some assets will remain with the debtor if these assets are determined to be exempt from distribution to creditors.
Another important term to understand is ?debtor.? This is someone who is in debt and is seeking help from a trustee. The debtor owes the money and is the person who declares bankruptcy or files a Consumer Proposal.
The debtor in possession may continue to do business using those assets to maintain the asset productivity, but the debtor is doing so on behalf of creditors. Thus, the debtor essentially works as a trustee. The court in certain situations may appoint a trustee, but under Chapter 11 a trustee is not mandatory.
If the debt is in the form of a loan from a financial institution, the debtor is referred to as a borrower, and if the debt is in the form of securities?such as bonds?the debtor is referred to as an issuer.
A debtor in possession (DIP) is an individual or corporation that has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and holds property or assets which can be used to satisfy creditor claims.