Loan using trailer as collateral?

Except, I didnt say it... I just quoted HIM saying it...

Doesnt matter if he did or didnt, my advice to the OP is the same. He should at least TALK to a lawyer and find out what his options are. Doesnt mean he has to do it, but at the very least he would have a better picture of his situation than he is likely to get here.

 

Oh look, my stalker is back

Never offered to buy the op’s trailer…swing and a miss

I must admit that I don’t have any Bankruptcy lawyer friends but I’m sure it’s a blessing for quitter type folks. I do have a judge and 2 lawyers in the family though.

Lastly, yah I lost a ton of money when my bad-### 21 389 and factory fresh Great Dane Hi Spec was stolen. Sidelined at the peak of rates for 5 months.
I didn’t quit, In fact I reacted by buying a 23 389, 21 Volvo and a 22 GD Hi-Spec. Perhaps my meaning of losing everything is different than yours.
I haven’t had much time at home this past year since I got my new 389. Didn’t get to take the summer off like planned but it’s a sacrifice I can live with.
My business is separated from my personal wealth and if ever needed I could loan the business money if it came down to it.

Not sure why you keep trying to attack me but really you should quit while you’re ahead. There are a few members here that know me personally. I’m old, old school no bs type of guy.

All for now, going to tap out of the silliness.

 

We were already warned from one of the moderators to stop bickering but he’s back taking shots at me. Probably stewing at home over me..
Going to ignore him now before I end up banned. Sadly some just want to drag you down to their level of misery.

 

Yeah... Ummm, no.

You hold the title means you own it until he pays you back. In case you didnt know it. Sooo, yeah.... You DID offer to "buy it" and let him use it.

And frankly who you know or dont know has nothing to do with my advice to the OP. Talk to a bankruptcy lawyer and find out what your options are. Information is power. Knowledge is power. That way he can make an informed judgement on which way to go that suits his life.

 

Rah rah rah!!! Glitter, unicorns, puppies, kittens and rainbows.... Then the real world kicks open the door....

 

Bankruptcy is a financial tool. No shame in it.... And no I have not filed bankruptcy. But I don't judge another if that is the path they need to take....

 

One shouldn't throw stones in a glass house....

 

Get yourself set up with a credit union, rates aren’t nearly as bad as other avenues and most things can be done online as well.

 

I was wondering about his methods as well, might have been better to carry a little more debt and hold some cash for in case. Myself I hate debt as well but know it’s sometimes a nessasary evil.

 

Pretty sure he wouldn't qualify to declare bankruptcy anyway. There are fairly tough standards for who is eligible for that now. He could solve his own problem here without resorting to that. Either fix the truck and keep on trucking or sell the truck and trailer take the money to start over.