Dear [Bank/Financial Institution], I am writing to provide a detailed explanation regarding my recent bankruptcy filing as it pertains to my financial situation and ability to repay any debts owed. I understand the importance of transparency and wish to address any concerns or inquiries you may have. First and foremost, I would like to emphasize that my decision to file for bankruptcy was not made lightly. It was a last resort action undertaken after careful consideration of the financial challenges I faced. Unfortunately, circumstances such as [divorce, medical expenses, job loss, etc.] severely impacted my ability to meet my financial obligations. As a result, I was left with no other viable option than to seek bankruptcy protection. In accordance with the laws of New Hampshire, I filed for bankruptcy under [Chapter 7 or Chapter 13]. This filing has granted me the necessary legal protections while allowing me to pursue a fresh start and gradually rebuild my financial stability. I assure you that I am fully committed to fulfilling my obligations to the best of my ability and will work diligently to recover from this setback. As part of the bankruptcy process, a bankruptcy trustee has been assigned to oversee my case. Their role is to carefully evaluate my financial situation, including income, assets, and debts, to develop a fair and reasonable plan for repayment or discharge. Any assets identified by the trustee that are non-exempt will be liquidated to partially repay my creditors. It is important to note that as a resident of New Hampshire, my bankruptcy filing is subject to the state's specific laws and regulations. These laws determine the criteria for determining eligibility, exemptions, and the overall bankruptcy process. I have diligently followed these guidelines and engaged professional legal counsel to ensure compliance with all applicable requirements. I understand that my bankruptcy filing may raise concerns or questions about my creditworthiness. However, I am confident that with time, responsible financial management, and adherence to a strict budget, I will be able to demonstrate my commitment to rebuilding my creditworthiness. I am actively seeking avenues to improve my financial literacy, attending workshops, and exploring opportunities for financial counseling to ensure a solid foundation for my future. Please do not hesitate to reach out if you have any additional questions or require any further documentation relating to my bankruptcy case. I greatly appreciate your understanding and cooperation during this challenging time. I am committed to restoring my financial health and will make every effort to fulfill any obligations owed to you to the best of my ability. Thank you for your attention to this matter. Sincerely, [Your Name]
New Hampshire Sample Letter for Explanation of Bankruptcy
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How to fill out New Hampshire Sample Letter For Explanation Of Bankruptcy?
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Examples include a job loss followed by an extended period of unemployment, a business failure, a divorce, a period of disability, or a critical illness of yourself or a family member. There are others, but those are the most common. The reader should absolutely state his job loss as the reason for 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.
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...?
In other words, a letter of explanation is exactly what it sounds like. The lender and their underwriter are asking the borrower to explain something. That could be a change in jobs, a gap in employment, a large deposit into their bank account, a source of self-employed income, or just about anything else.
Begin the letter with the date, a salutation, and an introduction of the incident or issue. Provide a short but detailed description without having to add unnecessary terms and phrases. Provide an explanation of the steps you've taken to rectify the error or to complete the missing information.
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.
How to write a letter of explanationFacts. Include all the details with correct dates and dollar amounts.Resolution. Explain how and when the situation was resolved.Acknowledge. It's important that the letter outline why the problem won't arise again. Recognize if and how you could have avoided this mistake.
