A bankruptcy petition is a set of forms (also known as schedules) on which a debtor filing for bankruptcy discloses detailed financial information to the bankruptcy court. These forms will require you to list all of your assets (real property and personal property), your monthly income and expenses, and the debts you want to eliminate or discharge in bankruptcy. Your bankruptcy case begins when you file the bankruptcy petition with the clerk of the bankruptcy court.

In California, as in all states, a bankruptcy petition is the formal document that initiates the bankruptcy process. When an individual or business decides to file for bankruptcy, they must complete and file a set of forms with the bankruptcy court. These forms, often referred to as schedules, require the debtor to provide comprehensive financial information. This includes listing all assets, such as real estate and personal property, detailing monthly income and expenses, and identifying all debts that the debtor seeks to discharge. The information provided must be accurate and complete, as it will be used to determine the type of bankruptcy for which the debtor is eligible (Chapter 7, Chapter 11, or Chapter 13) and to inform the court's decisions regarding the discharge of debts. In California, bankruptcy petitions are filed in one of the four federal bankruptcy districts (Northern, Eastern, Central, or Southern) based on the location of the debtor. It's important to note that bankruptcy law is primarily federal, so while the process is consistent across states, there may be state-specific exemptions and procedures that apply. Debtors often consult with an attorney to navigate the complexities of bankruptcy law and ensure that all requirements are met.