Between a Rock and a Hard Place...

Wait?

You don't have a lawyer?

You should have had a decision wrapped up by Tuesday past.

Sell the truck and the authority for what is owed on the truck.

Eat the credit card debt between the three of you.

Any way other than bankruptcy your credit is trashed.

 

I'd try Craigslist. Seriously.

 

Craigslist or Truck Paper is what I’d try to sell the truck. Probably won’t bring enough for a loan payoff but the bank who holds the loan on it might work out a payment plan with you on the balance.

The credit card debt was the real bad idea here. I’d talk to an attorney specializing in business bankruptcies. It’s obvious the two other schmos ain’t going to be any help. The driver Mr $500 a week was never really a partner anyway and sounded like he never had any skin in game to begin with.

Somebody already said it but business deals with friends and family are never a good idea. I’ve even been burned on shared living arrangements with “friends” in the past.

 

Sell the truck to whoever will buy i, it doesn't matter if you have a loan on it or not.

It seems like 3 partners on one truck was destined to fail, no matter what kind of business plan you had. You guys had some pretty high expectations for a one truck outfit, and even considering option 1, means you didn't learn a whole lot from the experience YET. I would go ahead and go for it so as to get a real education. lol
Seriously, very, very few people that have been in the business for years have ever made a one truck with a hired driver operation work for them, those that have specialized in something. There is just not as much gold in rucking as people think, most of us truck for the prestige. lol

 

I saw some thing recently where a large portion of the population couldn't rub $400 together for an emergency. Relatively small portion of the population could come up with $50k even on credit let alone cash money sitting in the bank.

 

Go get a company job and start bringing in some cash flow.
Screw all those ridiculous expenses.