Car Repo and Bankruptcy

Yup, it is called a deficiency balance.

You would need to look up the bankruptcy laws and exemptions for your state. Get a free consultation with a local bsankruptcy attorney.

Yes, you can get the deficiency balance if your car sells for more than what you owe. As for the bankruptcy, you can exclude your home from it. However, there are various things that are to be considered like if you have been making payments on the mortgage, you will have to think if you can afford to do that. For, if you exclude your house from bankruptcy, in case of default the lender can take away your home.

Have you explored the opportunity of having a friend or family member loan you the $ to get the car back and then sell it yourself?

This is not an ironclad rule, but my guess is the bank will sell the car at auction. The price of a car sold at auction is usually (but not always) far less than what you could sell it to a private party. Then you will have to fight and wait for the bank to give you back the overage (this is not a deficiency---your asset is worth more than the debt obligation).

I do not know you or your personal situation and whether this is possible (loan, car recovery, personal sale, etc.), but if it is, I would think it wise to at least consider this path if you have not done so.

Keep in mind when a car is sold at auction, they go to the highest bidder, regardless of what the car is worth. You could still end up owing money...they will also charge you the repo,storage and towing fees.