Going broke How do I get out of a tractor/trailer that I own?

Check the home stead act in your state file one ASAP, saves your home.

In my state 500k equity is safe guarded,

 

Bankruptcy is not a bad thing. It's not good, but it can protect some of your stuff like home and retirement money. It can really very a lot by state. It's true the IRS looks at bankruptcy money as a profit or not sure what they actually called it. If you make loan payment they can be used to offset that some. That really something a bankruptcy lawyer know about the fine details.

 

or marriage advice as well.

 

What type of trailer?

I’m looking for a late model reefer..

 

There was some reefers at the auction today.

I would have went if teh truck they had was worth considering.

They had a flatbed also.

 

Not knowing your financial situation I’ll assume that you owe a lot on credit cards too.
If that is the case bankruptcy is most likely your best option.
Here is what I would do. Stop all payments except mortgage if you have one. Keep working the truck until they repo it. With the money you saved take a nice vacation and then file for bankruptcy.
Again this is just me.
Voluntary reposition won’t do anything for your credit. You’ll be broke without a truck and outstanding loans.
After 56 years on this earth I learned that good guys do finish last.

 

You know guys, this seems to be a one hit oneder.

 

If you are going bankrupt for sure, yeah stop all payments. Anything you pay in the last year to one creditor will be gone after and redistributed by the court to all creditors. However in my experienced but humble opinion, digging a deeper hole just means youve got farther to dig out. Yes, the credit score and length of time it stays on your report will be the same. However the more you discharge the more you will owe the following tax year because like i already said the debt forgiveness is counted as untaxed income.

If you have no plans of ever working again and thus no concern about future wage taxes, sure. Take a vacation to a socialist country and stay there indefinitely.. We have enough dead weight to cover here already.

 

Bankruptcy and debt forgiveness is not the same.
Bankruptcy wipes out your debt so there is nothing to forgive.
Stop payments without bankruptcy, the creditor may decide that suing you it’s not worth it and forgive your debt so they can claim a loss for tax purposes. Now that will be seen by the IRS as income on your part.

 

Fine, change "foregiveness" to "discharged" then.

I went bankrupt. I paid big taxes on what dollar amount discharged. Thus i know i am giving sound, relevant advice. If the reader finds it to be in error i will gladly issue a full refund on their purchase price. This is risk free internet forum advice here folks. Operators are standing by.