Notice of Default

A Notice of Default is a legal document sent by a creditor to a debtor to inform them that they have failed to make required payments or have otherwise defaulted on a loan or other obligation. The notice typically includes information about the nature of the default, the amount of the outstanding debt, and any applicable cure periods or other requirements for remedying the default. In a bankruptcy case, a Notice of Default may be sent by a creditor to the debtor and the bankruptcy court to indicate that the debtor has failed to make required payments under a confirmed bankruptcy plan. If the default is not cured within the applicable time period, the creditor may take further legal action, such as filing a Motion for Relief from Stay or seeking dismissal of the bankruptcy case.