Dear [Name], I hope this letter finds you well. I am writing to provide you with an explanation regarding my recent bankruptcy filing. I understand that this may raise concerns and I would like to address any questions or doubts you may have. Firstly, I would like to apologize for any inconvenience or disruption caused by my financial situation. Bankruptcy was not a decision I took lightly, but rather a last resort after exhausting all other available options to manage my debts. It is important to mention that there are different types of bankruptcy in North Dakota, including Chapter 7 and Chapter 13 bankruptcy. In my case, I filed for [Specify Chapter, if applicable]. Given the circumstances that led to my bankruptcy filing, I believe it is essential for you to understand the reasons behind it. [Provide a brief explanation of the circumstances that resulted in your bankruptcy, such as unexpected medical expenses, loss of employment, or other unforeseen events]. Despite this setback, I am actively working towards improving my financial situation and ensuring responsible management of my debts. I have taken steps to develop a comprehensive budget, seek employment, and am I seeking financial counseling to gain a better understanding of how to avoid similar situations in the future. I understand the importance of upholding financial responsibilities and I want to assure you that I am committed to meeting my obligations. While bankruptcy can have a negative impact on one's credit score and financial reputation, it is my goal to regain financial stability and rebuild my creditworthiness over time. If you have any specific questions or require additional information, I am more than willing to provide further details or documentation to support my explanation. Please feel free to contact me at [Phone number] or [Email address] to discuss this matter further or to address any concerns you may have. Thank you for your understanding and consideration. I look forward to resolving this matter in a mutually beneficial manner. Sincerely, [Your Name]
North Dakota Sample Letter for Explanation of Bankruptcy
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How to fill out 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.
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.
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...?
The letter should include an explanation regarding the negative event, the date it happened, the name of the creditor and your account number. It should also include an explanation of why you don't see this problem happening again.
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.
Try to be as concise as possible yet give a clear picture of the situation. Next, focus on your role in the mistake. Even if you're embarrassed or feel someone else should share the blame, it's important you let your boss know you understand you should have done something different to avoid the situation.
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.
