You lost your high$-$paying corporate job six months ago when the company went out of business. After being out of work for four months, you finally find a job, but make much less money than you did before. At the same time, your debts have been rising dramatically due to some medical issues that resulted in large doctor and hospital bills. You start to consider filing for bankruptcy but are concerned that if you file for bankruptcy, you will lose your car. How would you get to work then?

Do you think there is anything you can do to ensure that you don't lose your car if you file for bankruptcy?

Yes, you can reaffirm the debt.

No$,$ once you file bankruptcy, you will automatically lose your car.

No$,$ because the car loan is a secured debt.

$$ Yes, if there is enough money left over after the secured creditors are paid, you can use that to pay off the car.