Things seem to be humming along smoothly. But the most recent request from the lender is the Bankruptcy letter of explanation. I knew this was coming, but I'm so worried about exactly what to write. Here is what I have at the moment, but I haven't sent it yet. Please give me some feedback, I welcome any and all critiques and suggestions! Thanks!
To Whom It May Concern:
I write this letter to explain the events behind my bankruptcy that was discharged in February of 2009.
In 2002 I finalized a divorce in which my ex-husband kept all the property (two vehicles and a home). The intent was that he would refinance all into his name alone, holding me harmless. He neglected to refinance anything, and shortly after the divorce he began defaulting on both cars and the home. I realized now I was very naïve in my divorce proceedings, and should have asked the judge to order all that property sold instead of giving it to the ex. But at the time I did not fully understand what could happen.
I was on my own after the divorce, making very little money and struggling to take care of myself and my son, who was 8 years old at the time. I had rent, my own car payment and some credit card debt. There was nothing left over to pay the enormous amounts of debt my ex defaulted on. In 2005 my ex declared bankruptcy, leaving me solely responsible for these joint debts from our marriage. In 2007 I had gallbladder surgery, adding a medical bill to the mix of debt. Basically, I just was in over my head with the combination of divorce debts, poor use of credit cards and the surgery bill. It was not an easy decision to file bankruptcy, and not one I am proud of.
I can say however, it was a good lesson learned. I no longer use credit cards of any kind; and fortunately, I now have excellent health insurance, and an employer who works out extremely reasonable payment plans deducted straight from my paycheck for any medical care I receive. Thus I have no fear of any future trouble with medical bills.
I thank you for the opportunity to explain this. It has been almost 4 years since the discharge, and I hope my resolve to do better shows in the fact that I have not returned to using credit cards, I have no outstanding medical bills, and have and I paid off two car loans.
Sincerely,
