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 Illinois, as in all states, a bankruptcy petition is the formal document filed by an individual or business to initiate bankruptcy proceedings. The petition includes a series of forms, often referred to 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 officially starts the bankruptcy case and triggers an automatic stay, which temporarily halts most collection actions against the debtor. The specific forms and procedures can vary depending on whether the bankruptcy is filed under Chapter 7, which typically involves liquidation of assets, or Chapter 13, which involves a repayment plan. It is important for debtors in Illinois to accurately complete all required forms and to comply with both federal bankruptcy laws and any applicable Illinois statutes and local court rules.