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 Dakota, as in all states, a bankruptcy petition is the formal document filed by an individual or business to initiate bankruptcy proceedings. The petition includes various 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 marks the official start of the bankruptcy case and is done with the clerk of the bankruptcy court. The process is governed by federal law, specifically the U.S. Bankruptcy Code, as bankruptcy is a federal matter. However, state laws, including those of South Dakota, can influence certain aspects of the bankruptcy process, such as exemptions that protect certain assets from being used to pay creditors. Debtors in South Dakota should be aware of both federal bankruptcy procedures and state-specific considerations when preparing their bankruptcy petition.