Looking for a good honest company to lease on with.

Here is what I would do, I would work with your lender to get rid of the truck, get rid of two of the vehicles, keeping the oldest and drop the insurance on that down to the cheapest possible cost.

contact an EA, NOT JUST A CPA, and have them FIX THE TAX SITUATION.

And become a company driver, stay one.

as for bankruptcy, off loading the truck and expenses of the truck, that should help, getting in good with a company that will put you to work consistently will help, but cutting your expenses has to happen, bankruptcy won’t fix it.

 

Depends on which bankruptcy you take , are you an llc ? Idk really never fought that beast . might can file chapter 11 i think its called where you can pay a reduced amount but i really dont know .

 

If you file bankruptcy wouldn't that just go under your corporation not personal? I mean with all the stuff happening in the trucking market especially now with the tariff chaos I don't see it getting better anytime soon. If your debt out weighs your income. It becomes impossible to salvage it.
Believe me finding an honest carrier to lease too is far from few. I leased to 5 carriers in 2 years and only one was good and honest but lost contracts. Its not a honest business if you want to stay in operation. I decided run my Authority finally in this crazy time. Barely holding on mainly because of Paccar issues starting to cost. However, if I decide to call it quits I'M not losing my personal money savings for trucking. If a business isn't keeping you in the green, it difficult but its time to grab a life saver and leave the business of trucking. 2025 will be a bad year most predicted.

 

Sounds like you’re already bankrupt just waiting for a signature.

Trying to lease on now with a carrier without even a trailer means that you won’t make crap.

Doesn’t sound like you even have enough for a tow if you break down never mind the repair bill. You let things get to the point of no return and you aren’t going to find a carrier with magic rates that’ll bail you out. Never mind one that’ll loan you money for repairs.

It blows but you really need to admit now that you’re defeated and start a new chapter. Find a company driver job and start over.

You know, I could understand the PO route back a few years when trailers were almost impossible to get or had incredibly high prices. However, the last couple years prices have plummeted and inventory increased.

Normally, I’d try giving some encouragement but you don’t even have a trailer. Time to put a fork in it.

Best of luck

 

Likely yes. There are some that would let you keep it. But it would wreck your credit anyway. You would still have a truck accumulateing wear and damage over time and likely they would force a restructure that could still leave you on the edge.

Better to do as ridge said. Liquidate everything but your oldest most beat up vehicle and get on with a company and start from scratch.

 

No.
You can keep it until your bankruptcy is discharged. If you can show that you can afford it then you’ll be able to keep it but you’ll be screwed if end up unable to pay.

 

Yours is a 2020 and should be better but regardless, imo since I bought it its besn junk with my 2023. I'm in a similar situation however, the last couple weeks I'm able to salvage plenty loads and brokers are starting rundown my email and phone because of the chaotic tariffs causing a influx of business north in Canada. However, its not going to last and basically I believe its similar to stock piling before month end with warehouses etc. My truck now at 208,000 miles has a 2nd injector issue and this is after they fixed the recall on the 1st. I bought a lemon just like the other 140,000 pacxar Mx13 who bought Kenworth & Peterbilts in 2022 to 2024. Never become in love with a truck thats not fully paid for that is there to generate YOU $$ Money $$ . If it doesn't do its job with the minimum issues. Get rid of it, and move on. The 1st goal should be the Money in a business. If I have to return mine (technically its not mine yet because ita Not fully paid for) because of hard times including mechanical issues that will cost me almost what the truck is worth in the future I'm definitely walking away from it. Its Only a truck, another can be bought if it benefits my business financially. No money profit = No real business on the books.

 

Keep in mind it costs money to switch jobs, too. If you lease onto another carrier, expect a good 10k hit to cover a week off or two off to switch everything around.

Living in the truck for 2-3 months at a time and still sinking is no way to live, driver. Cut it all away, consolidate, get it all back on track. The stress you'll shed by being able to breathe again and live an easier life will give you so much freedom. Mentally and financially