Bank of America, N.A., also known as BoA or BofA, is one of the biggest banks in the United States, incorporated in North Carolina. It is also a credit card company. If you have been served with a Bank of America lawsuit, we understand that you may be stressed and uncertain about what to do now. The best way to protect yourself is to take action. If you do not know where to start, our North Texas debt resolution attorneys can answer your questions and help you explore your options during a confidential consultation. Below, we also highlight what you can do if you are being sued by Bank of America for credit card debt.
Bank of America Is Suing Me for Debt; Is That Normal?
Yes, Bank of America does sue for credit card debt. Many creditors sell old debt to a debt buyer or collection agency for pennies on the dollar to recover some losses. Then, the debt buyer will go after the card owners who allegedly owe money. However, rather than selling defaulted debt, Bank of America generally keeps its defaulted accounts and does not sell its accounts to a debt collector. Bank of America may file a collection lawsuit for the defaulted credit card debt if the card owner has not made its required minimum payment in at least 180 days.
Why Would Bank of America Sue You?
If you have defaulted on your credit card, Bank of America may resort to filing a legal action against you to recover the debt.
BOA works with multiple debt collection law firms to handle its Texas credit card lawsuits. A few firms it uses include the following:
These law firms file lawsuits in counties all over the state of Texas, most often in a District Court or a Justice of the Peace Court, which is a small claims court.
Discuss Your Legal Options With a Debt Defense Attorney From Our Firm
You have legal options in a debt collection lawsuit, and our North Texas debt defense attorneys are here to help you explore them. Our experienced and dedicated lawyers can review your case and help you understand your potential options. Call us today or fill out our online contact form to request a consultation, and we will contact you soon.
How Do I Respond to Being Sued for Credit Card Debt?
Many people ignore debt collection lawsuits for a variety of reasons. For example, you may want to ignore the Bank of America lawsuit because you do not know what to do, do not have the money, do not think you owe the money, or believe it is a scam. No matter the reasoning, we do not recommend ignoring it.
Bank of America and its lawyers count on you to disregard the lawsuit. Why? Because if you do not defend yourself, BOA is more likely to get an easy win against you through a default judgment. A default judgment is a court order that favors the plaintiff (Bank of America) if the defendant (you) fails to respond to the lawsuit or appear in court. If Bank of America becomes a judgment creditor against you, it may garnish your bank accounts, put a lien on your property, or seize your property to get the money.
You can protect yourself from a default judgment by responding to the lawsuit. You must file a written response also known as an Original Answer with the court handling your case within the required period. Additionally, you must provide a copy to BOA’s lawyers. Often, you can serve this copy via certified mail or facsimile.
Your Answer should:
- Address Bank of America’s allegations. Accept or deny each of Bank of America’s allegations against you.
- Provide affirmative defenses. An affirmative defense is a defense based on facts, and you can provide evidence. Examples may include an expired statute of limitations (deadline for filing a lawsuit), you are not the cardholder or cosigner, or you have already paid or discharged the debt.
Depending on the circumstances of the case, your answer may include other points too. Mistakes with your response can hurt your defense and could result in you losing the case. We recommend getting assistance from an attorney to ensure your response is drafted correctly and addresses all of BOA’s claims and requests for admissions. You also want to ensure your answer is filed correctly with the court handling your case.
You need to file your Original Answer by the answer deadline. The answer deadline varies from 14 to 28 days, depending on the Court that is suing you. When you are served with and receive your lawsuit, you should be able to see what the answer deadline is on the first couple of pages of the paperwork. It will tell you how many days you have until the answer deadline. You should immediately do the math and mark your deadline in your own calendar. This action will ensure you file your answer promptly and prevent you from receiving a default judgment.
What if There is Already a Default Judgment Against Me?
You may have viable legal options even if there is a default judgment against you. For example, you may be able to file a motion to vacate the judgment, start a new trial, or negotiate a settlement with Bank of America. The attorneys of Warren & Migliaccio can also help you explore alternative debt resolution, such as bankruptcy. We recommend scheduling a consultation with our debt resolution attorneys to discuss your situation.
Does Bank of America Do Debt Settlement?
Credit card issuers like Bank of America are often open to settling in order to avoid the costs and resources involved in litigation. If you believe you owe the debt and Bank of America has a strong case, you may be able to negotiate a settlement with BOA rather than go to court. Additionally, you may be able to agree on an amount less than the original debt. Sometimes you can further negotiate this agreed-upon amount to pay it over a monthly payment plan. This puts you in a better position to pay the settlement in line with your monthly budget.
We recommend working with an experienced debt defense lawyer who can determine whether negotiation is a better strategy than challenging the lawsuit. Working with an experienced attorney may also increase your chances of reaching a more favorable settlement if you want to negotiate.
Schedule a Consultation With a North Texas Debt Resolution Attorney From Our Firm
Have you been sued by Bank of America for credit card debt? At Warren & Migliaccio, our debt defense lawyers have extensive experience and success in assisting our clients with debt defense lawsuits. We work toward helping our clients reach favorable debt resolutions when facing lawsuits from Bank of America and other creditors and debt collectors. We welcome you to contact us to learn more about how we can help you with your situation.
Our attorneys can review Bank of America’s claims against you and determine the validity of its lawsuit. Call our office or contact us online to request a confidential consultation about your case. We can answer your legal questions and help you understand your potential options to deal with the Bank of America credit card lawsuit.