I am struggling to make my car payments as well as other bills. Would it be better to file for Bankruptcy or claim Repossession?

You might want to consider other options before filing for bankruptcy since such filings can stay noted on your credit report for up to 10 years, depending on which chapter you file under. Check and see if a local debt management group can help you. Your own city or county may even run one. If not, contact your nearest Better Business Bureau   to see if  they can suggest one. If you take this route, you might be able to maintain a better credit report.

Next, see if your car financing company will allow you to start making lower monthly payments for a set period of time. If they will agree to this, be sure the new terms are set forth in a new or amended financing contract and fully executed by all parties. If you still think filing for bankruptcy will provide you with the best relief, hire a local attorney who can advise you as to whether you should file under Chapter 7, 11 or 13.

Find out which Chapter filing will do the least damage to your business and personal finances. You may be able to keep your car if you pursue the correct Chapter filing.