What does Bankruptcy Petition mean?
The bankruptcy petition is Official Bankruptcy Form 1, and it provides the bankruptcy court with basic information about the filing debtor (filer's name, address and Social Security number). On the bankruptcy petition the filer must also identify the type of bankruptcy filing, the nature of their debts (consumer vs. nonconsumer debts) and attach the filing fee.
Debtors will also have to identify the assets they think will be available to be sold to repay unsecure debt, if they are filing Chapter 7, or whether they will repay at least a portion of their debts to nonpriority unsecured creditors. The debtor will also have to estimate their total assets and debts. Finally, all previous bankruptcy filings must be disclosed to the court. Attached to the petition are also a variety of exhibits, and debtors must sign the final page of the voluntary petition.
If a debtor files Chapter 7 or Chapter 13 they will be required to file a bankruptcy petition with the bankruptcy court. To download a copy of the voluntary petition visit the U.S. Court's website at www.uscourts.gov. Instructions are also provided on the U.S. Court's website. There are a variety of legal issues which are not addressed on this site but which must be understood prior to completing the form. Debtors who do not understand the instructions should consult with a bankruptcy lawyer.
The information provided on the bankruptcy petition should be accurate and true. Committing fraud or providing inaccurate information may be considered perjury. After filing the bankruptcy petition form the court will mail each of the debtor's creditors a "Notice of Commencement of Case" to inform them the debtor has filed bankruptcy and to notify them of the date of the First Meeting of Creditors.
The Bankruptcy Court will generally grant an Order of Discharge 60 to 75 days after the First Meeting of Creditors. Debtors who file Chapter 13 bankruptcy will have to have court approval for their bankruptcy plan. A Chapter 13 bankruptcy discharge will not be received until the Chapter 13 plan is completed.