$55k in CC Debt- need help
Date: Wed, 04/15/2009 - 14:08
Hi,
I have $55k in cc debt from BofA but here is my question.
Even though the cc's are in my businesses name, I beleive I signed as a guarantor for the cards personally. That said...
-How can I determine if I actually did sign as the guarantor on these cards?
-What are my options to mitigate this debt?
I assume a Chapter 7 would not be of any use for the copmany because they could come after me personally but maybe there is someway I can work with BofA to reduce the debt?
I truly cannot afford to pay it right now so would be grateful for suggestions.
Thanks!
I have $55k in cc debt from BofA but here is my question.
Even though the cc's are in my businesses name, I beleive I signed as a guarantor for the cards personally. That said...
-How can I determine if I actually did sign as the guarantor on these cards?
-What are my options to mitigate this debt?
I assume a Chapter 7 would not be of any use for the copmany because they could come after me personally but maybe there is someway I can work with BofA to reduce the debt?
I truly cannot afford to pay it right now so would be grateful for suggestions.
Thanks!
Someone must sign the application form in order to get the card.
Someone must sign the application form in order to get the card. Now, since it is in your business name, you must have signed the card as a guarantor. I think that you can ask for debt settlement from BOA. As far as I know, they generally agree to settle for 50% of the outstanding debt amount.
