BOA Credit Line
Date: Thu, 11/13/2008 - 07:12
Have a CL with BOA for 40k and have not missed any payments yet but wife has been out of work for a year do to illness and can no longer afford payments. Have already done a deed in lieu for our house about 6 months ago so this is the only debt left i will not be able to handle. Was thinking about filling chapter 7 since its unsecure but should I try a settlement with them. Do i need to miss some payments first? Also by bank account is with them can they freeze my money once i am behind?
Have you tried to work something out with them first? Given the
Have you tried to work something out with them first? Given the credit crisis going on now there are a lot of creditors willing to work with people. I wouldn't suggest you stop paying them without trying to work somehting out with them first. Maybe they can cut your payments down to where they are more manageable. Try to work somehting out first.
If an agreeable solution can not be reached I would then consider talking with a lawyer to find out what options are best for your family.
