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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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1.5 years ago i buy 2 se-mi trucks with 5 years loan term...

Customer Question

Hello, 1.5 years ago i buy 2 se-mi trucks with 5 years loan term... but i can't pay they anymore the business is down and i dont have profit from them, only making payments and nothing left for me and my family, i have S corp company, can i return the trucks to the lender somehow, and not hurting my personal credit score or my wife'and?
Submitted: 8 months ago.
Category: Legal
Customer: replied 8 months ago.
the company is based in Illinois
Expert:  LawTalk replied 8 months ago.

Good afternoon Steve,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might best suit your needs. If you are interested, for a very nominal charge I can offer you a personal phone conference as opposed to continuing in this question and answer thread which is searchable and viewable by the public.

Let me know if you don't want a call and I will be happy continue here with an answer for you.

Either way, whether I call you or not, in order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. Who was the legal buyer of the semi-trucks? You personally, or your corporation?

2. Are the vehicles titled in the name of the corporation, or titled to you personally?

3. How much in assets does your corporation have at present?

Thanks in advance,

Doug

Expert:  LawTalk replied 8 months ago.

Hi,

Is there anything else I can assist you with?

Doug