Foldable ladders and related methods for use within a pit of an elevator system include a first upright, a second upright, and a plurality of rungs pivotally mounted to each of the first upright and the second upright. A locking mechanism has a first segment pivotally attached to the first upright and a second segment pivotally attached to the second upright, and the two segments are pivotally connected. A locking device is located on an upright and operably connected to a segment. The locking device includes a first catch and a second catch, a pin moveable to engage with the first catch in a first position and moveable to engage in a second position. A biasing mechanism applies a force to the pin to engage the pin with a catch. An operating device is operable to apply opposing force against the biasing mechanism to disengage the pin from the catch.