bankruptcy petitionbankruptcy petition: the way in which bankruptcy proceedings...: the way in which bankruptcy proceedings are commenced against a person; the petition can be presented to the court by a creditor and seeks an order that the person be declared bankruptbankrupt: the title given to a person in respect of whom a b.... A bankruptcy petitionbankruptcy petition: the way in which bankruptcy proceedings... will commonly be presented after a debtor’s failure to make timely payment following a court ordered judgment debt or after the debtor is served with a statutory demandstatutory demand: a formal demand for payment, issued by a c....