Question for the Money Doctors
Question submitted on Nov 7, 2022.
QuestionWhat is the 363 Ruling regards to bankrupt
This question can certainly be answered by a bankruptcy lawyer. Section 363(b) authorizes a bankruptcy trustee or chapter 11 debtor-in-possession (DIP) to use, sell, or lease estate property other than in the ordinary course of business only after court approval. To obtain such approval, a trustee or DIP must first provide notice to stakeholders and an opportunity for a hearing.
However, I can talk about avoiding bankruptcy.
If you are going to file bankruptcy, that has to be a last resort move. You are giving up your control of your financial matters and putting it in the hands of a trustee or DIP. You may or may not agree with what they are doing.
Take control of your debt situation and work with your creditors. Control your spending.
For additional information visit //www.360financialliteracy.org/