Roughly 16k in debt with bank of america and need advice on whether they will sue.?

Ok here is the situation. I had a 10K credit card and a 10k line of credit used about 7k on each add late fees etc..around 16k owed 5 months behind and minimums on each are more than what I make in a month


(including if i worked overtime). I tried working with them and even got offers to reduce the amount owed by HALF but here's the kicker....every offer they threw my way they also denied because after we factored in rent, car note, insurance (second car note basically. and before you say anything it the cheapest i could possibly find) utility bill, food and gas (89% of travel is back and forth to work) I mostly wind up in the negative. hell they even asked me how i survive on a daily basis. anyway they left a message saying that this was my ';last chance'; to talk to them before its ';too late'; so assuming that it goes so far as me getting sued what are my options? btw bankruptcy cost and if i had the money for that i could have paid my freaking bill. Last note before you get up in arms about me not paying in the first place fyi the first time i was gonna be late on a payment (by 1 week) i called ahead of time to let them know and they basically said tough shat not our problem and screwed me over with interest after over 4 years of flawless payments now they wanna be all buddy buddy but its too late.Roughly 16k in debt with bank of america and need advice on whether they will sue.?
Make NO mistake they WILL sue at that level of debt. Creditors are going to court for aas little as 400 dollars anymore.





';btw bankruptcy cost and if i had the money for that i could have paid my freaking bill. ';





If you need to file BK then find a BK attorney who will take payments. Many do as they know you have no money to begin with. Depends on the chapter but their fees can be thrown in the mix. Call around and find one!Roughly 16k in debt with bank of america and need advice on whether they will sue.?
The amount is just too large.


Debt collection usually deals with smaller amounts.


They may make a court judgement against you and garnish your wages.


Make any payment you can to them to delay this process. Making an effort to pay each and every month will delay the process.


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It seems you are in a serious debtor predicament. If you default at this level of debt, they will certainly sue and likely prevail.
They won't sue. But if you default, they sell off your debt to a collection agency. It hurts your credit. And unless you work out an arrangement with the collection agency then will annoy you in every way possible to get some sort of payment out of you.





However, the collection agency may be more flexible in working out an arrangement with you than Bank of America (BOA) was. If you had $16,000 debt, BOA may have sold you're debt to a collector for $8,000. The collector now only has to get more than the $8,000 out of you for them to make a profit so they will be more flexible. (Note: I'm just using these numbers as an example. I have no idea what percentage collection agencies usually pay when they buy up debts.)





If you go into bankruptcy, then that will put a halt to any harassment from creditors but it will be up to the bankruptcy judge to decide who get's how much of what they're owed. If you have very little left over after you pay you're monthly living expenses, then bankruptcy is probably the best option.