I have approximately 50K in credit car debt with Bank of America – 32K in a personal card, and 16k in business cards which are guaranteed by me. I was a real estate developer and well, things just went south and spiraled out of control.
I have some steady income now by going back to my previous line of work, and would like to try and settle. I have not paid on the 32K card in 8 months, and the 16K cards in about 3 months. I also have not heard from BofA on any of them, other than the occasional call from FIA card services.
I would like to speak directly to the legal department or loss mitigation, can you help with direction here?
Should I wait to hear from them, I would prefer to try and settle vs bankruptcy.
I’m curious why you would prefer to try and settle the debt versus bankruptcy. Your credit is already shot because of the late payments and that will already be reported for seven years so what are you trying to avoid? You might want to start with reading How to Get Out of Debt. The Honest and Unvarnished Truth.
Even if you were to try to settle, do you have cash on hand to settle now?
Please give me some more information. Oh, and what state do you live in?
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