Subject: Comprehensive Explanation of Bankruptcy — New York Sample Letter Dear [Bank/Financial Institution], I am writing to provide a detailed explanation of my bankruptcy situation as it pertains to my financial history with your institution. Understanding the significance and ramifications of bankruptcy, I believe it is crucial to provide you with a comprehensive overview to assist in evaluating my current financial circumstances. Firstly, I want to acknowledge my sincere regret for finding myself in this unfortunate situation. Bankruptcy is never a desired outcome, but rather a last resort to address overwhelming financial burdens and restore a stable financial footing. I want to assure you that I am committed to future financial responsibility and will do everything necessary to rebuild my creditworthiness. In regard to my bankruptcy, I want to shed light on the essential elements that led to this decision: 1. Life-Altering Events: Give a brief overview of the events that precipitated the bankruptcy, such as unexpected medical expenses, divorce, death in the family, loss of employment, or any other significant circumstances that financially impacted me. 2. Previous Financial Struggles: Highlight any prior financial hardships, such as unemployment, underemployment, mounting debt, unforeseen personal issues, or inadequate budgeting practices that compounded my situation. Provide a clear timeline to show how these difficulties led to the current bankruptcy filing. 3. Efforts to Resolve Debts: Describe the steps taken to address my debt, highlighting attempted negotiations, debt consolidation, credit counseling services, or debt management programs utilized before resorting to bankruptcy. Outline any evidence of my earnest attempts to resolve my financial obligations. 4. Professional Legal Assistance: Explain whether I sought professional advice from an experienced bankruptcy attorney who assisted in examining alternatives, evaluating the pros and cons, and ultimately guiding me towards filing for bankruptcy if it was deemed as the most viable solution. New York is a state with specific bankruptcy regulations and legislation. Attached to this letter, please find the required New York sample letter for explanation of bankruptcy, as per the local legal requirements. This document highlights the essential components mandated by New York law and ensures compliance with the state-specific regulations. [Note: If there are different types of New York Sample Letter for Explanation of Bankruptcy, name them if known.] It is crucial to emphasize my commitment to financial recovery and my intention to learn from past mistakes. I am actively taking measures to rebuild my credit, reestablish a healthy financial profile, and become a responsible borrower and customer again. I kindly request your understanding and consideration as you review my current financial situation and evaluate any potential opportunities for me to regain financial stability. Furthermore, I am open to any suggestions or recommendations that you may have in this regard. Thank you for your time and attention to this matter. Should you require any additional information or supporting documents, please do not hesitate to contact me at your convenience. Yours sincerely, [Your Name] [Your Contact Information]
New York Sample Letter for Explanation of Bankruptcy
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How to fill out Sample Letter For Explanation Of Bankruptcy?
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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.
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.
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...?
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...?
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.
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.
Bankruptcy is a generalized term for a federal court procedure that helps consumers and businesses get rid of their debts and repay their creditors. If you can prove that you are entitled to it, the bankruptcy court will protect you during your bankruptcy proceeding.
