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 Maine, 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, while local rules and procedures can vary by district. In Maine, bankruptcy cases are filed in the U.S. Bankruptcy Court for the District of Maine. Debtors should be aware that bankruptcy can have significant legal and financial consequences, and it is often advisable to consult with an attorney to navigate the complexities of the process and to understand the implications of filing for bankruptcy.