1) The father is dead broke and has already gone under. It sounds like the first mortgage holder has already sold the farm ground out. He has very few if any assets left. So the only recourse is bankruptcy for him. HE already is broke. Unless he wants to be paying the second mortgage hold out of his Social Security checks he needs to clean the slate now.
2) The tractor sounds like it is being hid now. I told the son to get it off the friend's property and then check to see if there is a lien on it. THEN HE needs to go to that bank and make them a fair market offer on the tractor. If there is no lien then he can pay his father the value.
I am not telling either of them to do anything that is immoral or illegal.
The father is done financially. We do not have debtor prisons here. That is why we have bankruptcy laws. The father needs to settle the current issues the best he can. That is all he can do. Then he needs to start over again. IF he gets in good shape in the future he can always go back and settle the shortage if he wants too.
The son would more than likely give the bank more than anyone else would for a Ford 9700 with a bad motor. Plus the bank would not have to pay to have it hauled somewhere to be sold.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
... [Read Article]
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