Nonpayment to one creditor.. What can we expect?

[Midiman]

[AngelinaCatHub]

It will take them some time to sue you. six to eight months at least. Probably more. Your main problem would be preferential payment to B of A. I would attempt to get Mom to move her account under ""better rates or a bigger deal"" if you know what I mean, so as not to upset her with what she will eventually find out soon enough. Since it is her money, she can move it, but I would stay off the account. Get a Durable Power of Attorney for her but you can easily explain her moving her account. Then deal with B of A on your own terms. 'Hub

[justbroke]

I have nothing to add to what 'Hub wrote. Deal with Mom's account first. I'm assuming that all the money in Mom's account is her's and is easily traceable back to her, and not you.

[Midiman]

[aljohnson007]

Believe me, BofA will take funds from any related account. I moved all of my accounts and thought I was in the clear but forgot my wife was a co-owner on our daughter's account when she first opened it at 15 yrs old. When I missed the first payment on a HELOC, they deducted it from the Dau's account without notice.

[shabam]

Yes, BOA has a nasty habit of tracking you families account. They closed my wife's account just because she was my wife and I was filing.

[Midiman]

Thanks... all the more reason to leave BofA clear of this if possible.

Can anyone honestly tell me if Chase will have the means to go after my BofA checking account, and possibly her's too?

[whipster1]

Chase won't go after the BofA account...unless they sue you and get a judgment...but DO NOT USE WELLS FARGO EVER they will cause all sorts of problems whether you owe them or not.

Get off of mom's accounts ASAP, and get her account moved...just tell her you don't trust them anymore 'cuz they got all that bailout money ;)

Make sure you are NOT connected with the brokerage account.

[debtmonster]

Wells Fargo is NO FUN! I financed a car that was repo'd with them and they were one of the most notorious creditors (not to be confused with Notorious B.I.G.).

Those people would call me up to 4 or 5x per day. I would never finance another car with those people ever again, even if they gave me a stellar credit rating after a bankruptcy.

[HakunaMatata]

I would never advocate unnecessarily compromising another's health. I do feel the need to share a story...

I have a Great Depression grandmother. She had an extremely affluent family and the Depression turned them poor. This experience ultimately had a positive financial effect on her. She is a financial guru (without formal education) who pays for everything in cash (and I wouldn't be surprised if she has saved/invested every dime of disposable income for decades!).

Weeks ago, I began contemplating BK and foreclosure. I dreaded sharing this with my grandmother; although, I felt oddly compelled to do so. I've often turned to her for financial advice. While BK is financial, it definitely didn't compare to former discussions. I wasn't in a position to gleefully share with her how I managed to self-finance my college education. Instead, I felt as if I was sharing my harsh financial failures. I braced myself for her reaction. I was sure she'd be disappointed (aka: utterly disgusted) with my mere notion of contemplating BK. To my surprise and without hesitation, my grandmother encouraged me to pursue BK! She complimented me on my past successes, commented on the current economic climate, and explained bankruptcy will permit me to move forward. For some reason, I assumed what I had anticipated would be her role. I questioned such actions, proposed projected difficulties, and downplayed the positive possibilities embedded in BK. She successfully countered. I surely didn't expect her to react favorably to BK.

My point...
Your mother may be witnessing/sensing your struggles. She may have greater sensitivity to the current state of the economy than our generation yielding heightened compassion and understanding. I wouldn't be surprised if she has had her own financial obstacles. Further, she clearly fosters business sense as evidenced in her stocks. Obviously, you're the best to gauge your mother's reaction; although, in my case, my predictions were inaccurate.

[Midiman]

Wow... well versed. Thank you.

In order to remove my name as a co-signer, I may have to confront my Mom about this. And you're right... I may get a totally different response than what I'm expecting. It's hard to think about the positive when shame and guilt become the standard of living for so many years.

This is not new debt. We've carried this around for years swapping one BT card for another. Like others we just finally hit the wall. Even if we cut Chase we'll still have about 12k owed to the others. I'm beginning to think bankruptcy is the way to go.

Thanks for allowing some clarification to settle in. Your grandmother sounds like a wonderful lady!

[OhioFiler]

Wow... well versed. Thank you.

In order to remove my name as a co-signer, I may have to confront my Mom about this. And you're right... I may get a totally different response than what I'm expecting. It's hard to think about the positive when shame and guilt become the standard of living for so many years.

This is not new debt. We've carried this around for years swapping one BT card for another. Like others we just finally hit the wall. Even if we cut Chase we'll still have about 12k owed to the others. I'm beginning to think bankruptcy is the way to go.

Thanks for allowing some clarification to settle in. Your grandmother sounds like a wonderful lady!

Do you think General Motors felt shame and guilt when they filed BK? You must change your mindset and look at it the same way GM does. It's a business decision based on your desire to survive.

[Midiman]

Chase won't go after the BofA account...unless they sue you and get a judgment

Tell me... what would propel them to sue us? Amount? Favoritism with BofA? (the corporation that holds our mortgage)

Do they really pursue people that can't pay? If I have to, I can separate myself from my mother's accounts. But honestly just looking at our spreadsheet, we're like a neg-am loan... always underwater and using cards to stay afloat. If we're sued, do I get a lawyer? And what type?