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 Colorado, as in all states, a bankruptcy petition is the formal document filed by an individual or business to initiate bankruptcy proceedings. The petition includes various forms, known as schedules, which provide the bankruptcy court with detailed information about the debtor's financial situation. These schedules require the debtor to list all assets, including both real and personal property, monthly income and expenses, and all debts that the debtor seeks to have discharged. The filing of the bankruptcy petition marks the official start of the case and triggers an automatic stay that halts most collection actions against the debtor. The process is governed by federal law, specifically the U.S. Bankruptcy Code, as bankruptcy is a federal procedure. However, Colorado state law will influence certain aspects of the bankruptcy, such as exemptions that allow debtors to keep certain property from being liquidated to pay creditors. It is important for individuals considering bankruptcy to consult with an attorney to understand how both federal statutes and Colorado state laws will affect their case.