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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