Subject: Kansas Sample Letter for Explanation of Bankruptcy — Comprehensive Guide Dear [Lender/Bank/Credit Company], I hope this letter finds you well. I am writing to provide a detailed explanation of my recent bankruptcy filing in the state of Kansas. I understand that this decision may raise concerns, and I want to address any questions or doubts you may have regarding my financial situation. 1. Kansas Bankruptcy Overview: Kansas, located in the heart of the United States, follows the federal bankruptcy laws and regulations as stipulated in the United States Bankruptcy Code. There are two primary forms of bankruptcy that individuals can file: Chapter 7 and Chapter 13 bankruptcy. 2. Kansas Chapter 7 Bankruptcy: Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the liquidation of non-exempt assets in order to discharge eligible debts. The proceeds from the liquidation are then used to distribute among eligible creditors. This form of bankruptcy typically provides debtors with a fresh financial start by discharging unsecured debts. 3. Kansas Chapter 13 Bankruptcy: Chapter 13 bankruptcy, widely known as reorganization bankruptcy, allows individuals to create a manageable repayment plan spanning three to five years while retaining their assets. This form of bankruptcy is suitable for debtors who have a regular income and wish to repay their debts based on their income level and ability. 4. Purpose of this Explanation Letter: Given my recent bankruptcy filing, I want to assure you that I am committed to responsibly managing my financial obligations despite the circumstances I faced. This letter serves the purpose of transparently explaining the reasons behind my bankruptcy and the steps I am taking to rebuild my financial credibility. 5. Explanation of Bankruptcy Filing: Due to a series of unforeseen events, including [briefly describe the triggering factors leading to the bankruptcy filing], I found myself overwhelmed by insurmountable debt. Despite my best efforts, I reached a point where bankruptcy became the only viable option to regain control over my financial situation. 6. Actions Taken Post-Bankruptcy: Since filing for bankruptcy, I have been proactively working towards rebuilding my financial stability. I have taken various measures such as attending financial management courses, counseling sessions, and implementing strict budgeting strategies. These actions demonstrate my commitment to avoiding such a situation in the future. 7. Financial Future and Responsibility: Although bankruptcy has undoubtedly affected my creditworthiness, I firmly believe that hard work, discipline, and responsible financial management will pave the way towards a better future. I am determined to regain and prove my creditworthiness through consistent, on-time payments and by maintaining a healthy financial outlook. Please consider this letter as an assurance of my determination to meet my financial obligations and rebuild my creditworthiness. I kindly request your understanding and support during this challenging period. Should you require any additional documentation or information, please do not hesitate to contact me. I am more than willing to provide any necessary details. Thank you for your time and attention. I sincerely appreciate your understanding and hope to establish a positive and constructive relationship moving forward. Yours sincerely, [Your Name] [Your Contact Information] [Date]
Kansas Sample Letter for Explanation of Bankruptcy
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How to fill out Kansas Sample Letter For Explanation Of Bankruptcy?
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FAQ
Try to be as concise as possible yet give a clear picture of the situation. Next, focus on your role in the mistake. Even if you're embarrassed or feel someone else should share the blame, it's important you let your boss know you understand you should have done something different to avoid the situation.
The reader should absolutely state his job loss as the reason for the bankruptcy. It will also help to provide any supporting documentation to prove his point. The worst explanation is that you got too deep in debt, couldn't pay your bills, and resorted to bankruptcy to get yourself out of trouble.
The key to writing a great letter of explanation is to keep it short, simple and informative. Be clear and write with as much detail as you can since someone else will need to understand your situation. Avoid including irrelevant information or answers to questions the underwriter didn't ask.
If you explain that you had financial difficulties in the past, but took steps to resolve the situation, have a job (or proof of steady income) and are able to show you've been responsible with your financial obligations since your bankruptcy, it might be enough to convince them to give you a chance.
When drafting a Letter of Explanation for Bankruptcy, you need to state the reason you are submitting this explanation, record the type of bankruptcy you filed for, the timeline of the bankruptcy proceedings, and a brief description of the circumstances that led to the bankruptcy.
How to write a letter of explanationThe lender's name and address.Your name and your application number.The date you're submitting the letter and expected closing date (if you know it)A short statement that helps an underwriter fully understand your situation in regards to the reason for concern.More items...?
The key to writing a great letter of explanation is to keep it short, simple and informative. Be clear and write with as much detail as you can since someone else will need to understand your situation. Avoid including irrelevant information or answers to questions the underwriter didn't ask.
When drafting a Letter of Explanation for Bankruptcy, you need to state the reason you are submitting this explanation, record the type of bankruptcy you filed for, the timeline of the bankruptcy proceedings, and a brief description of the circumstances that led to the bankruptcy.
