What is a bankruptcy petition? This is known as a formal application that
plays a significant role in how your financial situation is communicated
and reviewed by the bankruptcy court. This is lengthy documentation that
includes information the court needs to know while allowing you to present
your case. It acts as a written request from the debtor to the court in
seeking the relief they need in regards to their financial matter.
A petition in a bankruptcy case can be anywhere from 30 to 50 pages long.
It may be more or less depending on the chapter filed. In
Chapter 13 bankruptcy the repayment plan may be included along with general documents.
The petition is made up of the following pieces of documentation:
- Schedules that list your income, debts, assets, exemptions and creditors.
The schedules follow an alphabetical labeling system from A to J and each
letter is assigned a section in which the debtor provides detailed information
about their situation. - Median income amount which varies by state and by bankruptcy chapter. This
information also includes results from the means test that reviews income
qualifications to determine filing eligibility. - Statement of financial affairs includes details about your current situation.
This includes answer questions pertaining to the debtor’s financial
status such as pending lawsuits, property transfers, income and etc. - Voluntary petition that asks the debtor basic questions required to be
answered for the court such as address, previous bankruptcy filings, type
of filing, and other personal data.
If filing for Chapter 13 the debtor may have documentation that details
the amount of their monthly payment for the repayment plan.