Select your state

Bankruptcy

petition

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 Minnesota, 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 process is governed by federal law, specifically the U.S. Bankruptcy Code, and cases are filed in the U.S. Bankruptcy Court for the District of Minnesota. Debtors in Minnesota must also comply with state-specific laws and procedures, such as exemptions that protect certain assets from being used to pay creditors.

Legal Articles

State Statutes

As a LegalFix Member You Will Be an Important Client of Local Law Firms

For about 82¢ a day you can have a LegalFix Legal Plan that includes initial consultations with an attorney at no additional charge—and additional legal services at reduced rates—all from top law firms in your state. Don't wait—be prepared for life's inevitable legal challenges, starting today.

And ask your employer, credit union, or membership group to offer LegalFix for even better pricing.

Bankruptcy

petition

As a LegalFix Member You Will Be an Important Client of Local Law Firms

Articles

Minnesota State Code

Minnesota State Code

Bankruptcy

petition

Articles