Subject: Comprehensive Guide: Oklahoma Sample Letter for Explanation of Bankruptcy Dear [Lender/Creditor's Name], I hope this letter finds you in good health. I am [Your Name], a resident of [City, State], and I am writing to provide a detailed explanation of my bankruptcy situation, as requested. Keywords: Oklahoma, Sample Letter, Explanation, Bankruptcy Understanding the sensitive nature of my financial circumstances, I aim to provide you with a transparent overview of my bankruptcy in a comprehensive and organized manner. By sharing this information, I hope to demonstrate my commitment to resolving my financial obligations responsibly. Types of Oklahoma Sample Letters for Explanation of Bankruptcy: 1. Oklahoma Chapter 7 Bankruptcy: If you previously filed for Chapter 7 bankruptcy in Oklahoma, it means that most of your unsecured debts have been discharged. However, specific financial challenges might have led to this step. Through this letter, I aim to shed light on the reasons behind my bankruptcy and assure you of my dedication to build a better financial future. 2. Oklahoma Chapter 13 Bankruptcy: In case your bankruptcy involved Chapter 13, it indicates that you have entered into a repayment plan to gradually settle your debts. This option allows for restructuring obligations, enabling an individual to establish a repayment plan within their means. With this letter, I intend to elaborate on the circumstances that led to my Chapter 13 filing while emphasizing my commitment to fulfilling the repayment obligations outlined in the plan. Please remember that bankruptcy can be caused by various factors such as unexpected medical expenses, unemployment, foreclosure, divorce, or other unforeseen circumstances. My intention is to provide a clear picture of the events that transpired and narrate them in a way that highlights my determination to overcome the challenges I encountered. Given that every bankruptcy case is unique, it is important to focus on outlining the details that are most relevant to my situation. Sharing these facts will help alleviate any concerns you might have and assure you of my sincerity towards taking responsibility for my financial responsibilities. Alongside this letter, I am enclosing any accompanying documentation, such as legal filings or court orders, to support my explanation and provide further insight into my bankruptcy case. I genuinely appreciate your understanding and willingness to work with me during this difficult time. Your support and cooperation will significantly contribute to rebuilding my financial standing and ultimately benefiting both parties involved. Should you require any additional information or wish to discuss this matter further, please do not hesitate to contact me directly at [Your Phone Number] or [Your Email Address]. Thank you for your understanding and prompt attention to this issue. Sincere regards, [Your Name]
Oklahoma 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
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.
An underwriter's job is to assess your financials and decide whether you're a good candidate for a home loan. The information the underwriter sees doesn't always tell your entire financial story. An underwriter may request a letter of explanation from you if they're unsure about something they see.
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.
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.
Most explanation letters are just used as a way to connect the dots, and when that's done the underwriter is satisfied with the information provided. Then they can move forward with underwriting and approving the loan, and the borrower can get the home they were hoping to buy.
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...?
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.
