Bankruptcy Notification

Bankruptcy notification is a formal process where a person or business informs creditors and relevant parties that they are unable to pay their debts. It typically involves filing legal documents with a court, which then makes the proceedings official. This notification helps to initiate debt resolution or liquidation procedures, providing a structured way to handle outstanding liabilities. The goal is to ensure transparency, protect the rights of all involved, and facilitate a fair resolution—whether through debt restructuring, settlement, or asset distribution—while giving the debtor a legal safeguard from creditor actions.