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 Massachusetts, as in all states, a bankruptcy petition is the formal document filed by a debtor that initiates a bankruptcy case. This petition includes various forms, often referred to as schedules, which require the debtor to provide comprehensive financial information. The debtor must list all assets, including both real and personal property, monthly income and expenses, and all debts that the debtor seeks to discharge. The filing of the bankruptcy petition with the clerk of the bankruptcy court marks the official start of the bankruptcy process. Federal law, specifically the U.S. Bankruptcy Code, governs the bankruptcy process, but Massachusetts state law can influence certain aspects of the proceedings, such as exemptions that protect certain assets from being used to pay creditors. Debtors in Massachusetts may choose between federal exemption statutes or state exemption statutes to protect their assets. It is advisable for individuals considering bankruptcy to consult with an attorney to navigate the complexities of the process and to ensure that all required information is accurately disclosed.