what is a debtor in possession dip 
a debtor in possession dip is a business or an 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 dip may continue to do business using those assets however it is required to seek court approval for any actions that fall outside the scope of regular business activities the dip must also keep precise financial records insure any property and file appropriate tax returns 