Week 10 Bankruptcy Ind Wrk 2 Essay Example | Topics and Well Written Essays - 250 words

Week 10 Bankruptcy Ind Wrk 2 - Essay Example Chapter 13 of the same act gives a trustee the power to receive any monthly revenue the debtor receives, for purposes of paying his creditors in a proportional manner. A trustee will always act on behalf of the debtor, for purposes of meeting the interests of the debtor, and the creditors (Warren and Bussel, 2012). A debtor, can also control is property, but under the title of a debtor in possession. This provision is provided for in chapter 13 of the Title 11 of the American Bankruptcy code (Samet, 2012). A debtor in possession can acquire loans, and fund his business operations for purposes of settling the debts he has acquired. He only does this with the authorization of the courts. In your case above, you can act as a debtor in possession in managing your home. This is because if a trustee abandons your home, nobody will be there to manage it, and act as your representative with creditors. To fill this gap, it will be prudent to seek the courts permission in order that you act as a manager of your home, but under the title of debtor in