If you find yourself owing substantially more to your car lender than your vehicle is worth, you do have options. First, you need to look at this problem in financial terms. For example, if you owe $30,000 on a vehicle worth only $15,000 today, you effectively have $15,000 unsecured debt, just as if you had a $15,000 unsecured credit card debt. If you add up all of your unsecured liabilities and you owe $20,000 or $30,000, it would not be unwise to look at bankruptcy options