Georgia Sample Letter for Explanation of Bankruptcy
Description
How to fill out Sample Letter For Explanation Of Bankruptcy?
US Legal Forms - one of the largest collections of authentic templates in the United States - offers a comprehensive selection of legal document templates that you can either download or print.
By utilizing the website, you can access thousands of forms for business and personal purposes, organized by categories, states, or keywords.
You will find the latest versions of documents such as the Georgia Sample Letter for Explanation of Bankruptcy within moments.
When the form does not suit your requirements, use the Lookup field at the top of the screen to find the one that does.
Once satisfied with the form, confirm your selection by clicking the Purchase now button. Then, choose your preferred payment plan and provide your information to register for an account.
- If you currently hold a membership, Log In and download Georgia Sample Letter for Explanation of Bankruptcy from the US Legal Forms library.
- The Download button will appear on each form you view.
- You can access all previously downloaded forms in the My documents section of your account.
- If you're using US Legal Forms for the first time, here are some straightforward steps to get you started.
- Make sure you have selected the correct form for the city/state.
- Click on the Preview button to review the details of the form.
Form popularity
FAQ
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.
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.
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.
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.
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 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.
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...?
