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Debtor in possession (DIP) is a highly specific legal concept used frequently by insolvency lawyers and insolvency practitioners. It refers to a natural person or corporation that has formally declared them self a bankrupt (that is, filed a bankruptcy petition) but remains in possession of assets upon which a creditor has some form of security interest (such as, for example a lien).

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Facing up to bankruptcy could be difficult but let us be pragmatic about it. When you are going to be filing bankruptcy, there are several different types from which you can choose. But you cannot definitely file for bankruptcy under Chapter 9, because this is municipal bankruptcy. This law applies to only public or political division of a state in US. Most countries have similar bankruptcy laws to protect the public assets from liquidation.