Bankruptcy petition refers to the petition for bankruptcy which is filed in the bankruptcy court. The bankruptcy petition is of two kinds, voluntary petition and involuntary petition. Voluntary petition is filed by the aggrieved creditor and the involuntary petition is filed by the creditors. Involuntary petition is something which is very rare and not much common.
Bankruptcy offers relief to the aggrieved debtors under different Chapters of the Bankruptcy code. In order to file for relief the aggrieved debtor has to file different forms and the forms which are so to be filed vary from chapter to chapter. The bankruptcy forms require the debtor to give the accurate details with regard to his debt and creditors and the amount so owed as debt. The forms require such information, as only on the basis of such information can the Bankruptcy Court take a decision.
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