A bankruptcy petition is a formal request filed by an individual or business to seek relief from debts they cannot pay. This legal document initiates the bankruptcy process, allowing the filer to either reorganize their debts or liquidate assets to pay creditors. The petition must include detailed information about the filer’s financial situation, including income, expenses, assets, and liabilities. Once a bankruptcy petition is filed, an automatic stay is put in place, which temporarily halts collection actions by creditors. The court will then review the petition and determine the appropriate course of action, which may involve a repayment plan or the discharge of certain debts under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code.