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

Go talk to a Lawyer, They will spell out your options, your options depend on your goals. Yes, I said goals. It’s not the end of the world. The total amount of debt, on top of the Truck, whether or not you have equity in a home, will dictate what’s best. Get the right Lawyer. Many aren’t good with bankruptcy. New rules, make them liable for any dishonesty involved. Some are too worried about their own necks. A good one will use the law ( guaranteed under the constitution) to your advantage. You have a legal right to plan your bankruptcy. This should include, having a plan for your needs, such as a good vehicle. Keep in mind, even if filing chapter 7, which will totally discharge most debts. You can decide to re affirm a loan, such as a car note, even a Semi Truck note. Anything owed to anyone can be kept out of the filing. Chapter 13, is usually the only option, if you have equity in a home, and want to keep it. Then a 3?or 5? yr plan is devised. Based on the amount of income you have. Debts are re payed at a % of the actual amount owed. And you also have an option to repay sooner, if possible. Turning the Truck in voluntarily, will result in the difference between what’s owed and what it was sold for, plus the Banks costs associated with it, being levied against You. You can play hardball with debtors, negotiating lower settlements, even insisting it doesn’t go against your credit. It’s very hard to do, and very stressful, with no guarantees it will work. But it can be done, bankruptcy is not the only option.

 

Try listening to Dave Ramsey

 

Honestly I would call, explain the situation and ask where they want the truck, then go find a job.
He never asked for bankruptcy laws and I can promise you those two simple steps I just outlined won't hurt a thing. It's the right thing to do. Battle the rest as it comes.

 

TRUCK-ING may not be the best way to make a dollar. It takes Ben Franklin to make a dollar. /snark and half truth.

You are essentially bankrupt.

I hope that you have had articles of incorporation papers on your trucking business. That way it can be "Liquidated" and you walk away from it without the creditors GOING AFTER your personal assets such as cars (Plural) and house etc.

Retain a lawyer now. You do not want to end up in a Civil Suit, I actually am sued by a bad collector who breached statuary laws. Based on my income. He cannot touch it He tried and when the summary judgement is completed there is a Statuary fine (Nothing major about a thousand dollars by law) and fees to the lawyer I hired for that purpose who does nothing but go after debt collectors who breach statuary laws protecting me. I also hold a million in civil insurance for judgements in the future of serious things like car wrecks or taking out the bad guy coming through the front door etc.

In Arkansas part of Civil Recovery includes a sherrif showing up with a writ of attachment to all of your property with a strict attention to 4 limits. One house, One car, one computer and one television plus bed, recliner etc. Everything else will be towed away, loaded into a truck and taken away to be sold against the debt. If you own stocks or other paper assets in banking you will liquidate that and turn over the money to them under court supervision.

In short you will not be left destitute but you will be stripped of everything that has money you did not pay on your debts. For me medical debt is the most dangeous They are paid first. I don't have that much to go because they WILL take the house, car and everything.

It is good to open a trucking company and haul freight. But when the economy turns and the Nation does not persist in buying crap we cannot afford from overseas then trucking will be reduced to just what is being used Everything else will go out of business. About 600 companies have gone out this year already. 7000+ have also gone out and this is trucking only.

You can liquidate the business file a form of corporate bankrupcy which allows you certain things Personal BK does not. And you can go home and get over it and move on with your life. We sold our home to pay student loans off, 46000. Poof. It would have been far wiser NEVER to have gone to college. But life does not work with Nevers. It caused the two of us to drop down from middle class debt free home and landed owners to a lower position in our society. But that is not a problem. People who are materialistic or otherwise too absorbed in stuff will wail, weep and cry. But it is far better to pay off dear uncle sam and walk free otherwise your children will have to pay this debt which is not discharged on your death. Someone will pay Uncle Sam his money back plus interest.

Thats why people dont marry, dont leave parents dont buy homes or go into something business as big as trucking. Be happy you were able to do it for a while. And walk when times like this force you to understand your dollar today does not belong to you. It belongs to those you spent it last year or he year before that with taxes coming due for winter.

If you try to be stubborn and hold the line, you will be buried where you stand figure of speech. Close it up and walk away. Deal with the creditors with a lawyer within our laws regarding failed businesses and find something else enjoyable to do.

 

Guessing this is a troll post. But if it’s not, I’d really like the OP to explain why turning this around isn’t an option.

 

Maybe he's too far gone.

As in behind on the payments.

 

We can only guess. Don’t think the op has replied to any of the posts.
I’ll start with. Pulling loads for $1.20 a mile finally caught up with him.

 

Easy....let them repo it. Therefore, your credit will be ruined and it will stop you from making another ill-advised move in life. Now start looking for company driver jobs.

 

That's because he already knows what he wants to do, he is hoping somebody agrees with his line of thinking. That way he feels validated