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 South Carolina, as in other states, a bankruptcy petition is the formal document that initiates a bankruptcy case. It includes a series of forms, often referred to as schedules, where the debtor must provide comprehensive financial information to the bankruptcy court. 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 discharge. The filing of the bankruptcy petition with the clerk of the U.S. Bankruptcy Court marks the official start of the bankruptcy process. South Carolina has its own set of exemptions that determine what property a debtor can keep in a bankruptcy. It's important to accurately complete the forms and understand the state-specific exemptions and federal bankruptcy laws that apply. Debtors in South Carolina may choose to use either the federal bankruptcy exemptions or the state exemptions, but they cannot mix and match between the two systems. An attorney can provide crucial guidance to ensure that the petition is properly filed and that the debtor takes full advantage of the exemptions available to them under the law.