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Here's a question for you gurus (or anyone else who may want to chip in)...

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    Here's a question for you gurus (or anyone else who may want to chip in)...

    We obtained a BOA consolidation (or whatever you wanted to use the funds for per their literature) loan back in June of about $16,500. BOA deposited the funds into our savings and the payments were to start 3 months later (it was a promotional 3 month deferment thing). I had started - not to long after those funds were deposited to get a wierd vibe at my job and thought I might be in jeopardy of losing my job, so I decided to keep the money in savings in case my intuition was right.

    Unfortunately, my intuition was right and I was fired in mid August. I have since been collecting unemployment and scouring the job sections every day (I was a legal secretary) but after several interviews, have had no luck (and this is with three great references from the former attorneys I worked with at the job) the office manager had a problem with me for whatever reason, not the attorneys, but even he is giving me a decent reference and telling anyone who calls that I decided to take some time off for personal reasons.

    Okay, sorry to get off track. So fast forward to November when the $362/month BOA consolidation loan payments come due. We have had to use the loan money to subsidize unemployment because with all our bills, unemployment just wasn't enough. I kept telling myself, when I get a job we can play catch up and then in February I'll get about $6,000 (before taxes and penalty) of my 401(k) money from my last job and I could pay some of the BOA loan money bank, etc., etc. But I still haven't gotten a job and don't know if I will anytime soon so have very recently (within the last few weeks) have seriously started to think about filing BK.

    At the time we got this loan in June, I had every intention of consolidating other bills and not having to use it to live off of but after losing my job and then I guess being in denial for several months thinking it would all turn around once I got this new higher paying job, it would all work out, my question (finally) is how does this look if/when we go to file bankruptcy. It has been 6 months since we received the funds from the loan but have only been paying on it since November (and all our bills are current we're not behind on anything in part because of using these loan proceeds).

    Will someone - do you think try to call fraud at BOA even though I lost my job? I know anyone's answer will be pure speculation until and if I talk to an attorney, but I was hoping someone with a similar situation could give me their insight.

    Thanks again for everyone's help!
    Last edited by HAP; 12-28-2007, 07:49 AM. Reason: Inserting paragraphs so people won't go blind :)
    Chapter 7: filed 1/30/08
    341 Meeting: 3/05/08 Uneventful!!
    Last Day for Objections: 5/05/08
    DISCHARGED!!!: 5/07/08

    #2
    I don't think you would have any problem at all. I would make sure it is at least 6 months since the loan. It would be impossible for BOA to prove fraud unless you admit it. Explain your concern to a good bankruptcy attorney. I believe he'll tell you not worry about it.

    BOA does not know (or care) how you used this money, only that you make payments.

    About $80k of our unsecured debt is with BOA and we haven't heard a peep. Our attorney (based on his experience) does not believe we will, either.

    Good luck!

    PLEASE NOTE: I am not a lawyer. Bankruptcy may or may not be a best scenario for you. It depends on your situation. You may assume my advice is totally useless. Talk to an experienced bankruptcy attorney (or three) in your jurisdiction for legal advice.
    Chapter 7 Filed - 11/27/07
    Discharged - 2/29/08
    Unsecured Debt Discharged - $162k +/- (small business, personally guaranteed)
    Finally Closed - 3/1/09

    Comment


      #3
      Thanks for your response. Yes this makes 3 accounts we have with BOA. The other two are BOA Visa and BOA AMEX. For some reason a few years ago, BOA gave me (alone not with husband as co-debtor) a Visa with a $10,000 limit (I only made about $36,000/year at the time), luckily it's not maxxed out, but there is about a $6500 balance. So all total we owe BOA about $28,000. (Along with all our other creditors). Uggh!
      Chapter 7: filed 1/30/08
      341 Meeting: 3/05/08 Uneventful!!
      Last Day for Objections: 5/05/08
      DISCHARGED!!!: 5/07/08

      Comment


        #4
        I heard someone somewhere use the acronym for Bank of America claiming it was BOA as in BOA constrictor (constricting us with all this debt) and it's the truth. Our payments to just Bank of Amer. alone for the two credit cards and loan payment are $752/month.
        Chapter 7: filed 1/30/08
        341 Meeting: 3/05/08 Uneventful!!
        Last Day for Objections: 5/05/08
        DISCHARGED!!!: 5/07/08

        Comment


          #5
          HAP, there's no question of fraud because at the time you obtained the loan, you were solvent and had the means/intent of repaying the loan. You may want to run it by your attorney when you go to file, but BOA can't call fraud on this. Yoyoma's suggestion that you wait 6 months from the time you received the loan is a good one, too: anything over six months tends not to be challenged in the same way newer loans/charges are. Lessee... August... six months... need 60 days worth of pay stubs... hmmm. February looks like a great month for you to file.
          Nolo Press book on filing Chapter 7, there are others too. (I have no affiliation with Nolo Press; just a happy customer.) Best wishes to you!

          Comment


            #6
            That's what I was thinking re: February. Well, I've actually taken it a step further and set up consultations for 4 attorneys in our area next week and the week after. I just wish I could find some reviews on them as googling the hasn't come up with much. Guess I'll just have to meet them and see what they have to say.
            Chapter 7: filed 1/30/08
            341 Meeting: 3/05/08 Uneventful!!
            Last Day for Objections: 5/05/08
            DISCHARGED!!!: 5/07/08

            Comment

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