Filing for bankruptcy is a major decision that can provide real financial relief. At the center of the bankruptcy process is the bankruptcy petition.
This document sets everything in motion and gives the court, your creditors, and the trustee a complete picture of your financial life.
Because of its importance, you need to understand what a bankruptcy petition is, what it includes, and why working with an experienced bankruptcy attorney is the best way to ensure your petition is accurate and effective.
A bankruptcy petition is the official request you file with the court to start a bankruptcy case.
It contains detailed information about your finances, including your debts, assets, income, and expenses. By filing this petition, you are asking the court to grant you protection from creditors and to apply the bankruptcy laws to your situation.
The petition is more than just a form. It is a complete record of your financial condition that the trustee, creditors, and judge will review. Any errors or omissions can have serious consequences. A mistake could cause delays, loss of property, or even dismissal of your case.
That is why working with a bankruptcy attorney is so important.
The bankruptcy petition acts as the foundation of your case. Once you file, the automatic stay takes effect.
The automatic stay prevents most creditors from taking further action against you. This means collection calls, lawsuits, wage garnishments, and foreclosure proceedings must stop immediately.
Your petition also informs the bankruptcy trustee and the court about your eligibility for Chapter 7 or Chapter 13 bankruptcy. It provides the numbers they need to confirm whether you meet the income and debt requirements.
Without a complete and accurate petition, the court cannot properly evaluate your case.
When you prepare a bankruptcy petition, you must disclose every aspect of your financial life. The petition includes several schedules and statements that require full disclosure. Some of the key details include:
The court requires honesty and accuracy in every detail. Hiding assets or failing to report income can result in denial of your discharge or even accusations of fraud.
The type of petition you file depends on the chapter of bankruptcy you pursue.
The requirements for each chapter differ, and the petition must reflect those differences. An attorney ensures your petition matches the chapter that best fits your financial situation.
Many people who try to file without an attorney make mistakes on their petitions. These mistakes can cause costly problems. Some of the most common include:
Even small errors can raise red flags for the trustee and court. Creditors may also challenge your petition if information appears incomplete. This can delay your case or even prevent you from getting the debt relief you need.
Bankruptcy law is complex, and the petition requires more than just filling in blanks. Every detail matters.
A skilled bankruptcy attorney will review your finances, ensure everything is included, and file the petition correctly the first time.
An attorney also helps you:
When you work with a lawyer, you reduce the risk of errors and increase your chances of a successful discharge or repayment plan approval.
The process begins with gathering your financial documents. This includes pay stubs, tax returns, bank statements, and bills. Your attorney uses these documents to prepare your petition.
Once the petition is complete, your attorney files it electronically with the bankruptcy court. As soon as it is filed, the automatic stay goes into effect. You will receive a case number, and a trustee will be assigned to your case.
The trustee will review your petition, and you must attend a meeting of creditors, also known as the 341 meeting.
During this meeting, the trustee will ask questions about your petition and financial situation. Creditors may also attend, though they rarely do.
If you file Chapter 7, the trustee determines whether any of your property must be sold to pay creditors.
If you file Chapter 13, the court must approve your repayment plan. In both cases, the petition serves as the foundation for every decision.
Because the bankruptcy petition is a sworn statement, the court expects full honesty. Intentionally hiding income or assets can result in denial of your bankruptcy discharge. In serious cases, it can even lead to criminal charges.
Even unintentional mistakes can cause delays. The trustee may request additional documents or corrections, which could postpone your discharge. An experienced bankruptcy attorney ensures your petition is accurate, complete, and filed on time.
Hiring a bankruptcy attorney provides peace of mind and protection throughout the process. At Parker & DuFresne, we guide clients through every step of filing a petition. We help you gather documents, prepare the petition, and file it correctly. We also represent you at the 341 meeting and communicate with creditors on your behalf.
An attorney also helps you avoid pitfalls that could harm your case. For example, if you transferred property to a family member before filing, the trustee could undo that transfer. Your attorney will advise you on how to handle such issues before you file.
Bankruptcy is about more than filing papers. It is about protecting your future and getting a fresh financial start. With a skilled attorney, you can move forward with confidence.
A bankruptcy petition is the key document that begins your bankruptcy case. It requires full disclosure of your financial situation and careful attention to detail. Mistakes or omissions can jeopardize your ability to get debt relief.
By hiring a bankruptcy attorney, you ensure your petition is accurate and complete. An attorney also protects your property, advises you on the right chapter to file under, and represents your interests throughout the process.
If you are struggling with debt and considering bankruptcy, do not try to file a petition on your own. At Parker & DuFresne, we have the experience to guide you through the process and help you achieve the fresh start you deserve.
Dealing with bankruptcy doesn’t have to be a single-person job. The bankruptcy lawyers at Parker & DuFresne will help you determine the best course of action to help you get out from under your debt and move forward to a debt-free future.
Call today at 904-733-7766 for a free consultation, or click the button at the top of the page to schedule online.
Parker and DuFresne
