A debtor in possession, in the United States bankruptcy law, is a person who is bankrupt, but remains in possession of property upon which a creditor has a lien or similar security interest. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. This is often the case where the property is a personal vehicle which has depreciated in value since the time of the purpose, and which the debtor needs in order to be able to find or continue employment to pay off his debts. Notice of closure stuck on the door of a computer store the day after its parent company, Granville Technology Group Ltd, declared bankruptcy (strictly, administration - see text) in the UK. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. ... Law (from the late Old English lagu of probable North Germanic origin) in politics and jurisprudence, is a set of rules or norms of conduct which mandate, proscribe or permit specified relationships among people and organizations, intended to provide methods for ensuring the impartial treatment of such people, and provide... A creditor is a party (e. ... In law, lien is the broadest term for any sort of charge or encumbrance against an item of property that secures the payment of a debt or performance of some other obligation. ... A contract is a promise or an agreement that is enforced or recognized by the law. ...