What Is In A Bankruptcy Petition?

Filing for bankruptcy is a purposeful process, one that takes both time and effort. With so many details and requirements, debtors often find that they feel unprepared. Knowing a little bit about the process can help eliminate the unnecessary and make the process as smooth as possible.

The Petition

The first step in filing for bankruptcy is to complete the petition. This is the main document that will be used to assess your eligibility and file your case with the court. Therefore, the information contained in this document is extremely important.

The bankruptcy petition is a document that gathers detailed information about your finances. All of your debts and creditors will be listed, even ones you may not necessarily be looking to have resolved. Why? Because your total debt burden is important to how your case will be managed. You will also be providing a detailed account of your income, assets, personal property and funds. This information is used to determine how much you will be required to pay, if any, and whether any non-exempt assets will be used to satisfy debts.

It is important that you are completely open and honest about both your debts and income or assets in your petition. Falsifying this document, attempting to conceal information or hide assets can not only have your case discharged without resolution, but could lead to charges of bankruptcy fraud. This document is intended to be helpful, not hurtful, so use it to your advantage and be completely transparent.

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