I received a notice of arbitration today in the mail for a debt owed to Bank of America.I am to respond with a letter to answer to the claimant by 30 days and also to be filed with the National Arbitration Forum.They also request A Counter Claim, Cross Claim,or Third party Claim must also be delivered and filed with the Forum,and accompanied by fees which I am unable to afford to send.
I am on permanent disability,workmans compensation and on very limted income.I know I should respond but don't have those fees to send them.I know Bank America won't except small monthly payments because my debt is to high,not without 50 to 75% down.
What will happen if I don't respond?Will I receive a judgement against me?

Yes if you don't respond a default judgement will be listed against you. But if you are judgement proof this may not matter.