If the company is going into bankruptcy you should make certain that they can actually sign the truck over to you. Bankruptcy rules differ from state to state, but the trustee might be able to pull the truck back into the bankruptcy if it is less than 6 months to 1 year before the filing. If it is payment in lieu of wages, it might work for you. Before committing, I would consult a lawyer who knows something about bankruptcy.
If you decide to proceed with the truck and want to lease it to a carrier, then you may be able to get all of your permits through them. Many have a program where they front the costs and charge it back to you through your weekly settlements. Some carriers furnish the trailer, others don't. It depends on the type of freight you haul. I prefer buying to leasing, but it is another way to get a trailer. If you want to get your authority, it just takes a little time and money. When you run your own authority the you will be responsible for all permits, base plates, etc., You will need to front the entire cost up front. One thing that might help you spend a little less is to get a copy of the 2290 that your carrier paid this year. It will save a little money.
I doubt that you will get much money from a dealer. Most prefer newer trucks. They would likely take it to an auction. You could use it as a trade in on a newer truck. If it is in good shape, I would probably just drive it for a while. It comes down to whether you want to become an owner operator or continue driving a company truck.
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anyway here my problem. The company that I was driving for is going into bankruptcy and they owe me a few thousand dollars in payroll and vacation pay. They don’t have the money to cash me out, however they have offered me the tractor that I have been driving in exchange. The tractor is a 1995 International 9600 series and it runs strong. However I have always driven for someone else so I don’t know my way around the world of being an owner operator. Is it really hard to get all of my permits on my own? Or would it be better to use one of those online sites that charge for the service? Is it better to lease a trailer or own? Or should I try to sale the tractor which may be hard because of its age?
