Was 1/3 partner in a business – small mom and pop asian food store – it failed at the beginning of the recession. I had taken out a signature loan for $40K and had been making payments until 12 months ago. It is with Bank of America, and has just recently gone into collections.
Currently, I get phones calls and I have gotten one letter from the collection agency. My wife and I had racked up lots of credit card debt as well (about $100k). 2 of those cards are also with BOA and we are 90 days late on those.
All other credit cards are current and I have been able to free up enough monthly funds $500 to begin to pay off our debt except for BOA. We did talk to a bankruptcy atty and honestly think we can do this on our own and in the end – build credit.
We would like to enter into an agreement with BOA and the collection agency but quite frankly don’t know where to begin. Is this something I can ask an attorney to do for me or should I go it on my own? Or just can you give me advice on how to work with the collection agency.
So what is preventing you from filing bankruptcy, discharging the debt, rebuilding your credit and moving forward with your life? There is nothing that says you can’t file bankruptcy and still repay your debt. This way you’d at least get the legal protection available as a debtor?
Post your answer to me in the comments section below.Big Hug!
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