notice to creditors
Definition
A public notice addressed to creditors and debtors of an estate usually published in a media outlet of wide circulation. All interested parties are required to appear in court to file claims against the estate or make corresponding payments.
This notice is also used in a bankruptcy process to request creditors to submit their claims. All individuals having claims should deliver, mail or file their claims within a specified term after the date of publication of the notice; otherwise creditors shall be forever barred as to their claims.
Use notice to creditors in a sentence
“ You should send out a notice to creditors if you think you have something they need to know right now. ”
“ After getting the letters of collection in the the mail Joe and his wife visiting a bankruptcy attorney who filed their paperwork and sent out a notice to creditors. ”
“ During my process of filing for bankruptcy, I had to take a money management class, get the proper paperwork to file, fill out all paperwork, and give a notice to creditors that I was filing and what date in court they could come if they wanted to make a claim. ”
