bona fide (not comparable) 1  In good faith. 2  Genuine; not counterfeit.
What is a 'Debtor in Possession (DIP)' A debtor in possession (DIP) is a person or corporation who has filed for bankruptcy protection but still holds property that a creditor has a right to.  It is part of U.S. bankruptcy law and is the term used to describe a corporation that continues to do business while under Chapter 11 bankruptcy proceedings.
Some creditorsâbut not allâhave the right to take or force the sale of your property (collateral) if you donât pay a debt. The collateral secures payment and protects the lenderâs interest. A creditor with this rightâsuch as your mortgage or car loan lenderâhas a âsecuredâ claim. By contrast, a creditor that doesnât have the right to take back propertyâsuch as the holder of your credit card accountâhas an âunsecured claimâ in bankruptcy.