The Maryland Certificate of Retention of Debtor in Possession — B 207 is an important legal document that pertains to bankruptcy cases in the state of Maryland. It is designed to allow a debtor to retain possession of their property during the bankruptcy process. This certificate serves as a notification to creditors, the court, and other relevant parties that the debtor is authorized to continue operating their business or managing their assets while under bankruptcy protection. It signifies that the debtor is acting as a "debtor in possession" and maintains control over their assets, rather than having a trustee appointed to take control. By filing the Maryland Certificate of Retention of Debtor in Possession — B 207, debtors are affirming their commitment to cooperating with the bankruptcy proceedings and following the guidelines outlined by the Bankruptcy Code. This certificate helps ensure transparency and accountability throughout the bankruptcy process. There are a few different types of Maryland Certificate of Retention of Debtor in Possession — B 207, depending on the specific circumstances of the debtor. These may include: 1. Individual Debtor in Possession — This type of certificate applies to an individual who retains possession of their personal assets during bankruptcy, such as their primary residence or personal vehicles. 2. Business Debtor in Possession — This certificate is applicable when a business entity or company files for bankruptcy and is allowed to continue operating under the debtor's control. It may involve the retention of business assets, inventory, or intellectual property. 3. Real Estate Debtor in Possession — In cases where the debtor's primary focus is on real estate, such as a rental property or commercial building, this certificate allows them to retain possession and continue managing the property during the bankruptcy proceedings. 4. Personal Property Debtor in Possession — For debtors who have significant personal property assets, such as valuable artwork, jewelry, or collectibles, this type of certificate enables them to retain ownership and control over these assets while undergoing bankruptcy. 5. Joint Debtor in Possession — This certificate applies when multiple debtors who jointly own assets are filing for bankruptcy. It allows them to jointly retain possession of their assets and manage them during the bankruptcy process. In summary, the Maryland Certificate of Retention of Debtor in Possession — B 207 is a crucial legal document that grants debtors the ability to keep control of their assets during bankruptcy. While there are various types of certificates depending on the debtor's circumstances, they all serve the purpose of ensuring transparency, accountability, and the smooth operation of the bankruptcy proceedings.