Notice of bankruptcy

A Notice of Bankruptcy is a formal document issued to inform creditors, courts, and the public that an individual or business has filed for bankruptcy. It signifies that the entity is officially seeking legal protection from creditors to address debts through a court-approved plan, which may involve restructuring or liquidation of assets. This notice ensures transparency and alerts involved parties to the bankruptcy proceedings, allowing them to file claims or take action accordingly. It marks the beginning of a legal process aimed at resolving financial obligations in a structured, controlled manner.