{"id":1942,"date":"2011-03-24T12:03:17","date_gmt":"2011-03-24T17:03:17","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=1942"},"modified":"2018-11-27T05:39:31","modified_gmt":"2018-11-27T05:39:31","slug":"business-bankruptcies-in-new-york-and-the-debtor-in-possession","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/business-bankruptcies-in-new-york-and-the-debtor-in-possession\/","title":{"rendered":"Business bankruptcies in New York and the debtor in possession"},"content":{"rendered":"<p>What distinguishes business bankruptcies from other bankruptcies in New York?\u00a0 And what exactly is a &#8220;debtor in possession&#8221;?<\/p>\n<p>At the simplest level, business bankruptcies involve a business rather than just an individual who is filing for bankruptcy.\u00a0 Business bankruptcies also often involve a corporate entity, whether that&#8217;s a corporation, a limited liability company or even a non-profit corporation.<\/p>\n<p>Business bankruptcies can be Chapter 7 liquidation or Chapter 11 reorganization.\u00a0 Either way, it makes sense to have an experienced <a href=\"https:\/\/nybankruptcy.net\/main\/bankruptcy-services\/business-bankruptcy-lawyer\/\">business bankruptcy lawyer<\/a> in your corner as business bankruptcies tend to be more complex.<\/p>\n<p>The debtor in possession concept is one of those factors that can make a business bankruptcy more complicated.\u00a0 What is a &#8220;debtor in possession&#8221;?\u00a0 The debtor in possession (aka &#8220;DIP&#8221;) is a concept that occurs only in a Chapter 11 bankruptcy.\u00a0 It simply means that when a company files for bankruptcy, the company owner (or management) continues to run the company and make day-to-day management decisions throughout the course of the Chapter 11 case.<\/p>\n<p>It was not always this way.\u00a0 In the past, when a company filed for bankruptcy, a trustee was automatically appointed to run the company.\u00a0 However, the inclusion of the debtor in possession idea reflects the belief that a company is more likely to succeed in its reorganization if it&#8217;s run by the person or people who are most familiar with it.\u00a0 In reality, this is not always the case.\u00a0 But under U.S. bankruptcy law we start off with a presumption that this is the case.<\/p>\n<p>If you have questions about business bankruptcies in Brooklyn or elsewhere in New York, please feel free to <a href=\"\/contact\">contact<\/a> experienced Brooklyn <a href=\"https:\/\/nybankruptcy.net\/main\/brooklyn-bankruptcy-law-firm\/business-bankruptcy-lawyer\/\" target=\"_blank\" rel=\"noopener\">business bankruptcy lawyer<\/a> Bruce Weiner for a free initial consultation.<\/p>\n<p><center><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What distinguishes business bankruptcies from other bankruptcies in New York?\u00a0 And what exactly is a &#8220;debtor in possession&#8221;? At the simplest level, business bankruptcies involve a business rather than just an individual who is filing for bankruptcy.\u00a0 Business bankruptcies also often involve a corporate entity, whether that&#8217;s a corporation, a limited liability company or even &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/business-bankruptcies-in-new-york-and-the-debtor-in-possession\/\"> <span class=\"screen-reader-text\">Business bankruptcies in New York and the debtor in possession<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,126,116],"tags":[2,21,167,71,168,32,51,52,35],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business bankruptcies in New York and the debtor in possession<\/title>\n<meta name=\"description\" content=\"What distinguishes business bankruptcies from other bankruptcies in New York?\u00a0 And what exactly is a &quot;debtor in possession&quot;? 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