Legal Question in Credit and Debt Law in Ohio

Hello

We have a personal account with Bank Of America. The wonderful company decided to raise my interest from a promotional 0% to 30% over an honest missed payment mistake. I spoke with them and they lowered it to 21% only to raise it again two months later.(I missed no payment) I paid 1300 in payments over several months but I stopped making payments to them in June and over the last 11 months have almost 3,000 in interest,late fees and over the limit fees, The company now wants 9,300.00 but will settle for 2,700 and give me a 1099 form for the balance. In reality this is money in the air I really only owe them 5,000.00 thats giving them what I think is a fair amount of interest of 50.00 a month since this started. They won't budge. I own a small struggling business that only the business is in my name the property is being purchased by me on land contract. I am purchasing a home under a land contract as well. None of it is in my name for another 3 more years. I only own an older truck under personal assests and everything else is thru the business. My question is would I qualify for insolvency or do I have to claim the business as assets. What kind of taxes am I looking at paying with a 1099 form with an income of 25,000. Is this the best route to go. Bank Of America won't budge on the price and half of it is there interest charges.

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