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Whether or not you can keep your truck will depend on multiple factors. For example, is there a lien on the truck? If so, are you able to make a payment? If you are able and willing to continue making payments and the vehicle’s equity is low, you can generally keep your truck.
However, if you own the vehicle outright, it can not be protected from bankruptcy. Due to the high value of such vehicles, your truck is likely to be taken as part of your bankruptcy agreements if you own it free and clear.
All business debts can be discharged through bankruptcy. However, the type of bankruptcy you file will depend on whether or not you would like to keep running your business. If you feel more comfortable simply closing down the business and moving on, Chapter 7 Bankruptcy would be best.
However, if you would like to keep running the business, Chapter 11 Bankruptcy would be a better option. Debts related to your business, such as SBA loans, loans for equipment, or personal loans taken out for your business can either be discharged through Chapter 7 or reorganized and paid off over time through Chapter 11.
The “means test” would apply if you are filing for bankruptcy as an independent trucker. This is the same income standard used across sectors, industries, and professions. However, if it can be demonstrated that you have higher business debts than personal debts, you will not have to go through the standard income qualifications.
Attorney Alec Solomita is an experienced Florida bankruptcy lawyer who has helped countless clients just like you navigate the intricacies of bankruptcy law. With over 16 years of experience, he is prepared to assist independent truckers file for bankruptcy so they can get back on solid financial ground.
Still have questions? Ready to get started? Contact Solomita Law today to schedule an initial consultation.
In some cases, this may be possible. For example, if your business is doing fairly well but you’ve been paying for day-to-day living with credit cards and have considerable amounts of personal debt, you could potentially be able to continue your trucking business.
In this case, bankruptcy could be used to discharge your personal debts while still leaving you responsible for business debts. Even so, if your business is worth a significant amount of money, it could be considered an asset and be sought by the courts to pay off those personal debts.
It’s important to be aware of how much debt you have ahead of time. If you have business assets or equipment on a loan that need to be sent back, return them. Wind your business down fully before contacting an attorney, and ensure there is no more money moving in or out of your business.
The simpler your bank statements are when you first reach out to a lawyer, the easier it will be to file your case. If you’re still in the process of closing down your business, your attorney may ask you to delay filing until that process is complete.
Similarly, if you’ve made recent credit card purchases, your attorney will likely advise that you wait to file so that you won’t get into trouble with the credit card company.
One client I helped procrastinate on filing for bankruptcy for almost a year. I started talking to her about bankruptcy in the Fall of 2023 and didn’t file her case until late Summer of 2024. She simply wanted to continue to try at success, and in the end, realized that her business wasn’t going to work.
Through bankruptcy, she surrendered two large freight line trucks and a personal vehicle and discharged considerable business and personal debt. Though she did have to pay the courts a fee, she came through bankruptcy in a much healthier financial condition than when she began the process.
In many cases, it can be emotionally challenging to close down your business. Still, when your debts are simply too great to bear, there’s no shame in using the tool of bankruptcy to help you move forward. My role as an attorney is to guide you through that process and allow you to get the clean start and genuine debt relief that you need.
For more information on Bankruptcy Options For Independent Truckers Facing Financial Challenges In Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (407) 305-5599 today.
Attorney Alec Solomita is an experienced Florida bankruptcy lawyer who has helped countless clients just like you navigate the intricacies of bankruptcy law. With over 16 years of experience, he is prepared to assist independent truckers file for bankruptcy so they can get back on solid financial ground.
Still have questions? Ready to get started? Contact Solomita Law today to schedule an initial consultation.
