An Old Bank of America Loan Has Surfaced And I’m Being Threatened With a Lawsuit. – Nancy

“Dear Steve,

56 yrs old getting a divorce, left with much Irs debt from husband have to go back to school to refresh my nursing skills. Selling my house to pay off Irs and morgage and car. Will have to start all over (small apt, work full time ect.)

My bank of america loan from many years back was charged off and then an attorney contacted me today and said I would be sued if i dint pay it in a week. (5000) plus fees. Its an old college loan that my daughter still cant pay back but i’m the one who is resposible. Whats going to happen?

The attorney was no help and forceful. What can I do? I have absolutly no way I can pay this now. I have to pay so many others to keep our heads above water.. I’m scared that I will be in court ect. help!!


Dear Nancy,

If the IRS debt is more than three years old you might just be able to discharge that debt in a bankruptcy. You can click here to talk to a local bankruptcy attorney. It’s worth exploring since a bankruptcy would also stop the old Bank of America suit in it’s tracks as well.

Just because the Bank of America loan is old does not mean you can’t be sued over it. But the determining factor is going to be if the loan is subject to an expired or expiring statute of limitations.

Often when you see is the soon to expire statute of limitation loans going for a suit before they can no longer be sued over for recovery.

To know for certain it depends on a number of legal factors and the state you live in is an important consideration. It would be very smart to consult with an attorney that is licensed in your state. If you meet with a local bankruptcy attorney, it will be one appointment and they will be able to address both issues. Additionally, bankruptcy attorneys generally offer free consultations.

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If everything falls into place you’d be able to keep the home and car, discharge the IRS debt and Bank of America loan, and be in a better position to start over on a new divorced path.

Even if a consumer bankruptcy and fresh start does not work out to be the best solution, it’s one you owe yourself to explore first based on the situation.

I really want you to come back and update me with what you learn from the appointment with the local bankruptcy attorney. Make an appointment quickly, please.

Please post your responses and follow-up messages to me on this in the comments section below.


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Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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