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  1. Bankruptcy Glossary
  2. Bankruptcy Petition

What is Bankruptcy Petition?

It is a short document which lists the name of the Debtor, the debtor's address, the total amount of debt owed and the names of the creditors. The document also includes information about the debtor's prior history for bankruptcy and how long they have lived in the jurisdiction. The purpose of the bankruptcy petition is to allow the United States Bankruptcy court to properly assess the debtor's ability to file bankruptcy. The bankruptcy petition is generally filed in the appropriate local bankruptcy court.

Information filed with the bankruptcy petition

Other financial information about the debtor is filed with the bankruptcy petition including:

  • schedules
  • The Statement of Intention
  • The Statement of Financial Affairs
  • The Attorney Statement
  • If the debtor is filing Chapter 13 Bankruptcy they will also include a Chapter 13 Bankruptcy repayment plan.

The bankruptcy petition is a legal document. The bankruptcy case can be dismissed if a debtor provides inaccurate information about their financial resources or their debt obligations. Knowingly providing falsified information can result in criminal charges. Filing a bankruptcy petition begins an "Automatic Stay" and certain collection efforts including: foreclosures, collection calls, repossessions, garnishments or levies, starting or continuing lawsuits and creditor harassment must cease.