Bank of America Corp. could use bankruptcy laws to shield it from lawsuits against Countrywide Financial Corp., which it acquired in 2008, Bloomberg reported.

The option of placing Countrywide in bankruptcy is available because Bank of America maintained a separate legal identity for the subprime lender, Bloomberg said, citing sources who asked not to be identified.

A filing isn’t imminent, and executives recognize the risk it could pose by casting doubt on the financial strength of Bank of America, the largest U.S. bank, Bloomberg said.

The threat of a Countrywide bankruptcy is a “nuclear” option that CEO Brian Moynihan could use as leverage against plaintiffs seeking refunds on bad mortgages, said analyst Mike Mayo of Credit Agricole Securities USA.

Bank of America has booked at least $30 billion of costs for faulty home loans, most sold by Countrywide during the housing boom, and analysts estimate the total could double in coming years.

A Countrywide bankruptcy could halt legal proceedings and consolidate litigation into one court that would split up the subsidiary’s remaining assets for creditors, said Jay Westbrook, a law professor at the University of Texas at Austin.

Larry DiRita, a Bank of America spokesman, said he couldn’t comment on whether the company planned to file a Countrywide bankruptcy. The bank “took great pains to preserve the separate identity of Countrywide,” DiRita said.