There are multiple definitions - click on the translation that matches your context.

Insolvenzantrag

Substantiv

full

bankruptcy petition

noun

Comparative law notes

This would be the closest translation where the reader is an American. Such an application is one made by a debtor (or his or her creditors) to a court to declare the debtor bankrupt. Upon court's approval, the debtor's assets are typically sold off (liquidated), in a Chapter 7 case, and the proceeds are equitably distributed among the creditors.

Definitions of bankruptcy petition

the document filed with a court to start a bankruptcy proceeding

HM Revenue and Customs has applied for a bankruptcy petition saying Ms Radin failed to file tax returns for two years.