Check around to see what price a running tractor can be purchased for. Also check what you would get if you sold off the good parts (weights & rear tires) and then sold the remainder for scrap. Even with free labor, it's possible that that the cost of parts to fix both the engine and transmission could be more than the cost to buy a different tractor in better condition.
As a creditor, you might be lucky to receive 5 to 20 cents on the dollar owed to you. If a lawyer takes your case he will get 1/3 of what you receive. If you hire a lawyer by the hour it could be around $200 per hour or more.
I would take the tractor, if you can, but re-sell it or part it out ASAP. The tractor may not belong to them anymore. Other creditors will soon be making claims against liquid assets like that.
Don't be too surprised if they or another creditor value the tractor at more than the $480 owed to you and ask you to pay them the difference.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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