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 New York, as in all states, a bankruptcy petition is the formal document filed by a debtor that initiates a bankruptcy case. This petition includes a series of forms, often referred to as schedules, which provide the bankruptcy court with comprehensive financial information about the debtor. 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. The information disclosed must be complete and accurate, as it will be used to determine the debtor's eligibility for bankruptcy and the type of bankruptcy for which they may qualify, typically Chapter 7 or Chapter 13 for individuals. Federal bankruptcy law, primarily governed by the U.S. Bankruptcy Code, applies to all bankruptcy cases in New York, but state-specific exemptions and local court rules also play a significant role in the process.