(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.