My question involves business law in the state of: Arizona.
Hello. I am a truck driver and I am self employed; I work for my self. I am the sole proprietor and I signed the loan information with my father as a co-signer. Since the trucking business has taken a serious plunge in the last year we are having extreme difficulties in making our payments. What I am trying to find out is how can we be affected if we default on our payments? Will the bank try to take away anything from any of us? Will our credit scores be seriously damaged? What is this the equivalent of (i.e. bankruptcy)? Can the bank take away anything else besides the truck itself? Are our personal cash reserves and/or any other assets at risk? The loan still has 2 years until being paid off.