What Is The Bankruptcy Petition?

 The bankruptcy petition is the actual document that is filed with the bankruptcy court.  This petition is a document that lists the assets, liabilities and creditors for the debtor.  Not only will it lose those things but it will also list a summary of a statement of their financial affairs as well as any personal property, their current monthly income and their current monthly expenses as well.

 The bankruptcy petition must be signed and reviewed by the debtor before the case can be filed.  The bankruptcy petition is the document that gives a snapshot of the debtor’s financial situation and allows the court to see whether or not the debtor indeed qualifies for their bankruptcy.  It is very important for the debtor to review the bankruptcy petition and make sure that the information on the petition is true, accurate, and correct and that nothing else has to be included in the bankruptcy petition.

For more information about filing for bankruptcy, contact David Siegel directly at (847) 520-8100.