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

OP's wife:
"Honey, who told you this is the best way to fix things?"
OP:-"Some guy named FoolsErrand from a truckers forum"

 

and if you call right now, for just the shipping charges, you get a bottle of silicone polish for your car, absolutely free!!

 

LOL.

I bet i could start a mega trucking company and recruit slaves right here off this forum with this screen name. Then grow it into a repo/lease purchase program.

I will honor the free polish offer however with a strictly enforced stipulation that it is ONLY to be used on the repo truck i assign my minions. I will call the manufacturer now and spec the product to be label "Leased Truck Polish" with a warning on back saying not to be used on privately owned vehicles. Specially formulated to remove mailbox lettering adhesive and ifta stickers.

 

For starters.

It don't how matter how it was repoed. You still end up with a collection for the remaining amount of the debt. What's left after auction. The 7 year statute of limitations would start on his last payment date.
There's no such thing as debt forgiveness.

I"m no expert on bankruptcy as I've never done it. But I can tell you what my bro in law had to do.

He HAD to pay his debt. And everything went bye bye but the house.
He had 3 years to pay off $50G. I have no idea how the debt was figured but that was his court order.
Read that as 36 monthly payments.

Now here's the kicker.
His tax refunds went to court for his debt. I have no idea how he done it but his second refund was $18G.
At the time of his second refund. He was 15 months in to his BK. 5 months later his debt was done.
He paid his $50G in 20 months. But guess what.

Because he was on a 36 monthly payment plan. He STILL had to pay.

This is no BS story either. His creditors come out smelling like a rose. His lawyer never returned his calls to help him figure things out. He got royally screwed, blued, and tattooed.

 

@FoolsErrand won the internet today.

 

Attorney said voluntary repo is the dumbest thing you can do.

 

I don't know.

My understanding was that there would be no more free walkaway bankruptcies. When it was reformed.

So I'm not understanding how people are still able to walk away.

I'm not sure on when the reform happened. Sometime around the recession.

 

I'm not going to ague this. Anyone interested can read this:
Income taxes on debt discharged in bankruptcy | Walker & Walker Law Offices, PLLC
or this
Why Debts Discharged in Bankruptcy Are Not Taxable Income

or google: Do I have to pay taxes on debt discharged in bankruptcy

I'm sorry if you hired a lawyer who didn't know what he/she was doing.

 

Yes, exactly. so it is in the bankrupt party's best interest to minimize the debt in question. The debtors are going to have to submit proof of their claim to the trustee who divides whatever remaining assets above the state and fed exemptions to each debtor.

You take pics and get a signed receipt from the bank or dealership noting condition of the truck upon return. Your attorney then presses the court to recognize that you returned the asset in good faith and useable condition, thus their claim for say total loss on a $50k balance is incorrect, you returned them 40k worth of truck or whatever comparable sales data/kbb supports.

I did this with a house and my lawyer and accountant have always been great despite whatever blog link socalred comes up with. Ironic because both articles are full of maybe and sometimes. The tax code can say one thing and the irs can just easily send you a letter that says theyre gonna do otherwise. btdt too.

You gonna sue the IRS?

Hahahahahahahahhahhahhhahhaahhah