Bank Debt For Company That I Guaranteed

[jpcapital]

I have a bank credit line of 13k that Bank of America wants to be paid back ASAP. Is there a way I can keep paying for it without having them take me to court? I have been making monthly payments of $300 per month.

[TXskyblue]

I don't see how anyone could answer this for you. What are the terms of the credit agreement in regards to repayment? Are you current? Can you afford to continue paying? Are you considering filing bankruptcy? I have to assume you are considering it since you are on a BK forum. Is this the only debt you have?

Finally, what is BOA telling you? Are they sending you letters or have you talked to them on the phone?

[justbroke]

If Bank of America (BOA) has you in default, have accelerated payment, and are demand the entire balance, you are not paying enough. As stated, there is no way to tell what BOA will do, but one thing they can do is seek a judgment against the guarantors of the debt.

Still too many questions.

[jpcapital]

The credit line is part of a business that is no longer in existence, but that I personally guaranteed. I have been paying on it monthly, and BOA asked to pay in full by June or July, and I don't have the money to do it right now. My question is how can I continue to pay for it and not pay in full for the next year?

[LadyInTheRed]

There is nothing you can do to force BoA to accept partial payments. I would just keep making payments and hope they don't sue you. Or, stop making payments and be prepared to file BK if they sue you.

[jpcapital]

There is nothing you can do to force BoA to accept partial payments. I would just keep making payments and hope they don't sue you. Or, stop making payments and be prepared to file BK if they sue you.

13k is not worth filing BK. So, I will contact the person to negotiate.

[jwmc1]

How much of the company did you own? Were there any other guarantors?