The bankruptcy petition is an official form filed by the person who wants to begin the Bankruptcy process.
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.
- Other financial information about the debtor is filed with the bankruptcy petition including:
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.
More Help on Bankruptcy Petition
- Automatic Stay - If a petition is filed under Chapter 7, Chapter 11 or Chapter 13 Bankruptcy Section 362(a) of the Bankruptcy Code, it initiates an automatic stay which is basically an injunction against creditors to cease any activities which advance the interest of the creditor against the debtor. - read more
- Chapter 13 Repayment Plan - The Chapter 13 Bankruptcy Repayment Plan can be quite confusing when you are unsure of the details. Here we highlight some of the major questions and topics regarding the Chapter 13 Repayment Plan - read more
- Statement of Financial Affairs - A Statement of Financial Affairs must be completed by every debtor filing bankruptcy. - read more
- Statement of Intention - Debtors filing Chapter 7 Bankruptcy must file a Statement of Intention if their schedule of assets and liabilities includes any type of consumer debt that is considered secured. - read more