This research discusses the urgency of implementing a balance sheet test as a requirement for bankruptcy petitions in Indonesia to strengthen the principles of justice, legal certainty, and protection for both debtors and creditors. In practice, Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations does not explicitly require an insolvency test in the bankruptcy petition process, which leads to the potential for abuse of the bankruptcy mechanism by interested parties. This study aims to evaluate the relevance and effectiveness of implementing a balance sheet test as applied in the United Kingdom and Thailand, as well as its potential implementation in Indonesia's bankruptcy legal system. The method used is normative legal research with a statutory and comparative law approach. The results show that the implementation of a balance sheet test can provide clarity regarding the debtor's financial condition, prevent unfounded bankruptcies, and encourage fairer settlements for the parties involved. The application of this test also aligns with the principles of going concern and debt restructuring. The recommendation of this research is the necessity of revising the Bankruptcy Law to include explicit provisions regarding a balance sheet-based insolvency test as a formal requirement for bankruptcy petitions.