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 Pennsylvania, as in all states, a bankruptcy petition is the formal document filed by a debtor that initiates a bankruptcy case. This petition is a comprehensive set of forms where the debtor must disclose all financial information, including assets, income, expenses, and debts. The assets include both real property (like a home) and personal property (such as vehicles, furniture, and bank accounts). The debtor must also provide a detailed list of monthly income and expenses to demonstrate their financial situation. The purpose of the petition is to inform the court and creditors of the debtor's financial status and to determine eligibility for bankruptcy relief. The types of debts that the debtor seeks to discharge will depend on whether they are filing under Chapter 7, which typically involves liquidation of assets to pay off debts, or Chapter 13, which involves a repayment plan. Once the petition is filed with the clerk of the bankruptcy court, the automatic stay goes into effect, temporarily halting most creditors from collecting debts. It's important to note that bankruptcy laws are federal, so while the process is consistent across the United States, local court procedures and exemptions (what assets you can protect) can vary by state.