[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Bank or Creditor Name] [Address] [City, State, ZIP] Subject: Explanation of Bankruptcy — Account [Account Number] Dear Sir/Madam, I hope this letter finds you well. I am writing to provide you with a detailed explanation of the bankruptcy I filed in the state of Mississippi, and to address any questions you may have. Firstly, I filed for bankruptcy under Chapter 7/Chapter 13 (choose the applicable one) of the United States Bankruptcy Code through the [Court Name] on [Filing Date], with the case number [Case Number]. This decision was made after careful consideration of my financial situation, and it was not taken lightly. The primary reason for my bankruptcy filing was [provide detailed explanation of the circumstances that led to the bankruptcy]. Due to these unforeseen circumstances, it became impossible for me to repay my outstanding debts in a timely manner, and as a result, I sought the protection and relief that bankruptcy provides. I would like to assure you that I have been diligently working with my bankruptcy attorney to comply with all legal requirements and provide accurate information regarding my financial status. The bankruptcy discharge was granted on [Date], and all eligible debts were legally discharged as per the court's decision. I understand that the bankruptcy filing may have caused financial implications for your institution. However, I want to emphasize my commitment to resolving my financial obligations to the best of my ability. Although it will take time, I am actively working towards rebuilding my financial stability and regaining control of my finances. To show my sincere commitment, I have developed a comprehensive financial recovery plan that includes [describe your plan to improve your financial situation, such as securing new employment, budgeting, or seeking financial counseling]. I am also open to any suggestions or guidance you may have in this matter. I kindly request that you update your records to reflect my bankruptcy discharge status and consider this letter a formal request to cease any collection activities related to the discharged debt. As a bankrupt individual, I am entitled to certain protections under the law, and it is imperative that your institution abides by these regulations. Furthermore, I am aware of my responsibility to inform you promptly of any changes in my contact information, should they occur in the future. Therefore, please do not hesitate to reach out to me if you require any additional documentation or have any further inquiries. Thank you for your understanding and cooperation throughout this process. I believe that addressing this matter appropriately will benefit both parties involved. I look forward to an amicable resolution and will remain committed to regaining my financial stability. Sincerely, [Your Name] --- Keywords: Mississippi, sample letter, explanation of bankruptcy, Chapter 7, Chapter 13, United States Bankruptcy Code, Court Name, case number, financial situation, bankruptcy attorney, bankruptcy discharge, financial obligations, financial recovery plan, collection activities, discharged debt, bankruptcy protections, contact information.
Mississippi Sample Letter for Explanation of Bankruptcy
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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.
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 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...?
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.
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.
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 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.
