QUESTION
Can I file bankruptcy on a semi-tractor that I leased from another company?
Asked on May 29th, 2012 on Bankruptcy - Tennessee
More details to this question:
I leased a semi-tractor from a company and incurred some debt (credit card) now I have a summons to appear in court. I''ve
been trying to pay this debt off and between the job situation and personal things I just can''t get this done. They have also
charged interest and late late fees almost double to what I owe. Can bankruptcy get me out of this situation? I know bankruptcy is complicated, I just need to know what to do. There''s nothing for this company to collect. Can they put me in jail?
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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Debtor's prison was abolished in the 1800s, so you don't have to worry about jail for non-payment of debts. (see my article at http://www.bklaw.com/bankruptcy-blog/2009/07/bankruptcy-debtors-prison/)
You can discharge debts owed for the lease of your tractor in a bankruptcy case, but you of course would have to surrender the tractor, unless you become current with the payments.
I suggest having an initial consultation with a bankruptcy attorney in your area for more information and advice on your best options.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/
Follow Me on Twitter: @bklawr
Answered on May 29th, 2012 at 11:55 PM