This chorale survives without text. The text that appears here is the one provided by editors of the Bach Gesellschaft Ausgabe (BGA).
Speculation regarding liturgical occasion: Häfner speculates that this setting may have concluded the Picander–Jahrgang cantata Wie bist du doch in mir for the 4th Sunday after Epiphany (Picander 15), in which case the 3rd verse of Herr Jesu Christ, groß ist die Not was used. (See NBA III/2.1 KB, p.61)