Maine Letter to Creditor Confirming Agreement that Monthly Payments be Temporarily Postponed

• Category: Letters - Loans and Lending
• State: Multi-State
• Control #: US-1115BG
• Format: Word; Rich Text

Description

Section 368(A)(1) of the Internal Revenue Code of 1986 outlines a format for tax treatment to reorganizations, as described in the Internal Revenue Code of 1986. These reorganization transactions, however, have to meet certain legal requirements to classify for favorable treatment. Additionally, there has been further precedent outside from the codified requirements that have developed in case law. A Type A reorganization allows the buyer to use either voting stock or nonvoting stock, common stock or preferred stock, or even other securities. A Type A reorganization must fulfill the continuity of interests requirement. That is, the shareholders in the acquired company must receive enough stock in the acquiring firm that they have a continuing financial interest in the buyer.

Maine Letter to Creditor Confirming Agreement that Monthly Payments be Temporarily Postponed: Dear [Creditor's Name], RE: Agreement to Temporarily Postpone Monthly Payments I am writing to confirm our recent discussion regarding my financial situation and the need to temporarily postpone my monthly payments. I am currently experiencing [financial hardship/unexpected circumstances] and would greatly appreciate your understanding and cooperation during this challenging time. As a responsible borrower, I understand the importance of meeting my financial obligations and maintaining a good credit standing. However, due to the circumstances mentioned above, I am unable to make the agreed-upon monthly payments at this time. I propose a temporary postponement of payment for [specific duration, e.g., three months] or until my financial situation improves. This will allow me to allocate my limited resources towards covering other essential expenses during this unprecedented time. I assure you that this request is not made lightly, and I remain committed to fulfilling my financial obligations. I kindly request your consideration and support in granting this temporary payment postponement. By doing so, it will enable me to get through this challenging period while maintaining a positive relationship with your esteemed institution. Please find enclosed all relevant documents supporting my current financial situation, including [any required proof such as bank statements, layoff notices, medical bills, etc.]. I trust that these documents will provide a clear picture of the circumstances that have necessitated this temporary adjustment. If necessary, I am more than willing to discuss this matter further or provide any additional information to assist in your decision-making process. I am hopeful that you will recognize the seriousness of my situation and grant the temporary postponement as outlined above. I am committed to resuming regular payments promptly once my financial situation stabilizes. In the meantime, please be assured that I will communicate any changes or updates promptly. I appreciate your understanding, flexibility, and support during this challenging time. Thank you for your attention to this matter. Kindly confirm your agreement to temporarily postpone my monthly payments by signing and returning the copy of this letter. I eagerly await your positive response and look forward to a satisfactory resolution. Yours sincerely, [Your Name] [Your Address] [City, State, ZIP Code] [Phone Number] [Email Address] Keywords: Maine, letter, creditor, monthly payments, temporarily postpone, agreement, financial hardship, unexpected circumstances, responsible borrower, credit standing, challenging time, postponed payment, duration, limited resources, essential expenses, commitment, request, positive relationship, documents, proof, bank statements, layoff notices, medical bills, decision-making process, stable financial situation, updates, flexibility, support, attention.