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Hi,

This is my first time posting. My husband and I are in extreme financial hardship. He's been out of work for over a year now. However, we are current on our mortgage and I am current on all of MY credit cards and a personal loan except one (min payments only). Sallie Mae student loan is being deferred due to financial hardship. Bank of America is the only debtor that I am severely late on.

My minimum payment jumped to $1000 a month back in March 2010 and I could no long afford to pay it. The mortgage had to come first. The total BOA credit card debt is $39,000. This is a Sallie Mae credit card that I had with MBNA. When MBNA and BOA merged they consolidated my credit lines. This is debt that I do acknowledge I owe, but under the current circumstances I cannot afford to pay.

FIA Card Services took over the credit card and I explained to them our situation. So, now FIA Card Services (via Glassner and Glassner Attorneys at law) are filing a warrant in debt against me for $39,000. I don't know what do it since my husband is still unemployed.

My husband is seriously delinquent on his credit cards, and I really don't want to, but we are considering bankruptcy only because of the BOA credit card.

Please advise. Is it time for me to get an attorney?

Thanks!

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Hi,

This is my first time posting. My husband and I are in extreme financial hardship. He's been out of work for over a year now. However, we are current on our mortgage and I am current on all of MY credit cards and a personal loan except one (min payments only). Sallie Mae student loan is being deferred due to financial hardship. Bank of America is the only debtor that I am severely late on.

My minimum payment jumped to $1000 a month back in March 2010 and I could no long afford to pay it. The mortgage had to come first. The total BOA credit card debt is $39,000. This is a Sallie Mae credit card that I had with MBNA. When MBNA and BOA merged they consolidated my credit lines. This is debt that I do acknowledge I owe, but under the current circumstances I cannot afford to pay.

FIA Card Services took over the credit card and I explained to them our situation. So, now FIA Card Services (via Glassner and Glassner Attorneys at law) are filing a warrant in debt against me for $39,000. I don't know what do it since my husband is still unemployed.

My husband is seriously delinquent on his credit cards, and I really don't want to, but we are considering bankruptcy only because of the BOA credit card.

Please advise. Is it time for me to get an attorney?

Thanks!

If it's possible to work out settlements with BofA and your husband's credit cards that you can afford, I would do that first. If you can't afford to settle, it would probably be a good idea to talk to a bk attorney and at least learn about your options. Sometimes being more informed and knowing you have options can ease the stress a little.

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This is a heck lot of debt and you have to be 100% sure you can make a substantial income to pay that off. You can talk to debt consolidation services to see what your situation is like and they may be able to offer a solution where you can pay it all off without stressing too much. But if you're not 100% sure then it may be a good time to stop paying on all your cards. Also if you can't afford to make payments on at least 1 card, you might be better off stopping paying them all together and start saving those money for your other more important needs such as mortgage and emergency funds, etc - because at this point you're just throwing good money after bad and most likely your credit history will go down the drain anyways, unless you find a way to get extra income to pay it off. $39K is one heck of a lot of debt and these guys WILL sue you, although may not right away and by the time they do you may be able to come up with a settlement amount. Bankruptcy is most definitely an option, but it should always be your very last one, because, first, it will stay on your CR for 10 years, and second, it will be a stamp in your history for life! And whenever you apply for a job, or a mortgage - those applications would normally ask you if you ever filed bankruptcy in the past. You can wait filing BK until you have completely exhausted all other options.

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VA legal aid society:

Virginia Legal Aid Society

List of HUD approved credit counseling agencies in VA:

U.S. Department of Housing and Urban Development (HUD)

If foresee the possibility of falling behind on your mortgage, I would contact a HUD approved credit counselor right away. Their backlog is huge, so better to get started now - even if you don't end up requiring their services.

You may be able to get free legal advise from the Legal Aid Society, depending on your income.

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Thanks for the posts. Our main goal is to first pay the mortgage, then other bills. When choosing which bill to fall behind on BOA was the obvious choice because the monthly payment had skyrocketed. Chase set up a 5 year payment plan with me, which I have not missed a payment. When I was trying to work with BOA the payment plan they tried to set up was still ridiculous. The thing is that once my husband gets a job we are going to agressively attack the debt. We made mistakes in the past and we acknowledge that.

I'm going to call Glassner and Glassner to day to see if they will just wait this out with me a little longer. I don't want to go to court for this.

I was reading the legal documents and it cites Bank of America card number XXXXXXXXXXXX and then it was changed to FIA Card Services card number XXXXXXXXXXXX. My statements only reflect the Bank of American credit card number and they are the ones who issued me the credit line. All of this is so confusing.

Thanks again!

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