Report Debt with BofA - Settle, Lawsuit or ... in Debt Settlement Posted November 14, 2016 Hi, I'm hoping to get some help and/or advice on this! I have a debt with BofA - it went through a number of different collection firms over the past 2 years, now it is with a law firm that has filed a suit. I haven't received the summons yet, but it's on the way. This is for approx 10k - I'm wondering what my best options are today, call to see about a settlement? I could only work up about 3500 in funds right now and payments wouldn't be a good option since I'll be under-employed for the next few months. That probably isn't a lump sum they would be interested in. Otherwise, is it best to follow through on the suit and see where that goes? Any advice on the call to settle - info to provide, info not to provide, how to negotiate?