(a) A petition for an order authorizing a compromise, settlement, extension, renewal, or modification under this chapter may be filed by any of the following:
- (1) The personal representative.
- (2) Any interested person who has obtained the written approval of the personal representative to file the petition.
- (b) The petition shall show the terms of the compromise, settlement, extension, renewal, or modification and its advantage to the estate.
- (c) Notice of the hearing on the petition shall be given as provided in Section 1220.