I owe the company I'm leased on to money. what happens if i leave?

by Erick
(Kansas)

I am an owner/operator leased on to a company that I owe money to for repairs. I have been having large deductions taken from my settlements for 10 months and still owe them money.

I’m behind on all my personal bills as well as my truck payment and am this close to having my truck repossessed and my house go into foreclosure.

I’ve taken out personal loans to pay bills and am in a financial crisis because I don’t make enough money to pay my bills with these large deductions coming out of my weekly settlements.

I’ve tried talking to the owner, but he just says I don’t work hard enough. I work all the time! I have been home about 4 days in the last 10 months and that’s the truth.

I can’t continue like this and am wondering what would happen if I severed my contract and leased on to another company. I don’t know how to get out of this mess.

Any advice would be appreciated.

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Aug 11, 2023
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Read the Lease Agreement to Be Sure
by: Hervy

Erick I'm pretty sure that they'll sue for the balance you owe and put a judgement against you.
Be sure to go over the lease agreement for details.

Unless it's a new company, they've encountered this before and have verbiage in the contract about how they handle it.

I am assuming you didn't get the truck from them. Because if you did, you likely can't even legally take it somewhere else.

See if you can get a debt consolidation loan for personal bills. But you didn't say anything about a family.....If it's just you...you might not need some of what's causing these bills.

For example you said you're rarely home. Well, if you are renting, you can get rid of that place you're paying for to hardly be home. If you are buying then you might be able to get a HELOC instead of debt consolidation or get a debt consolidation from the bank holding the note.

You could also sell the care if your back is against the wall. That would eliminate the insurance and even if you owe on the car,

But it sounds like you might need to consider look into bankruptcy bro. It exists for situations like this where people are going as hard as they can and things are not working out.

This is one of the toughest markets I've seen for rates. Combine that with other bills and the truck breaking down back to back... (don't know if that happened)

or an expensive breakdown like motor, tranny or exhaust system and it's tough.

If you get a bankruptcy where they restructure your debt or eliminate, it will give you a new start. A lawyer will help you decide which makes more sense and is available to you.

If you have a business LLC you don't file personal bankruptcy. So it might not affect your personal credit.

Best of luck my brotha... Stay in touch.

Oh yeah, if you're buying a house, there might be county programs to help if you are far behind as well.

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