Legal Question in Bankruptcy in Utah

Re: auto repo

A voluntary repossession will show negatively on your credit record. The financial institution doing the repossessing will sell the car for whatever they can get, and then sue you for the difference between what it sells for and what you owe (plus repossession costs, etc). You should try to sell the car for whatever you can get and see if the financial institution will allow the sale if you sign a promissory note for the difference.

You will be able to buy a car - but your interest rate will be very high. Same is true for a house. After 2-3 years of good credit you will be able to get normal rates again.