Official Form 1 (Voluntary Petition)

Official Form 1, the Voluntary Petition, is the legal document a person or business file to initiate bankruptcy proceedings under Chapter 7 or Chapter 13. It provides the court with essential information about the filer’s financial situation, such as assets, debts, income, and expenses. Filing this form formally starts the bankruptcy process, allowing for legal protection from creditors and the opportunity to reorganize or discharge debts. It’s a necessary step to access the bankruptcy system, ensuring transparency and guiding the court and creditors through the case.