What Happens to a Car Loan If the Car Is Worth Less Than You Owe? Keeping or obtaining a vehicle depends on equity, exemptions, payment status, loan or lease terms, chapter choice, affordability, and lender rights. Discharging personal liability does not automatically create a right to keep collateral without addressing the lien. Bankruptcy affects property, contracts, lawsuits, credit reporting, taxes, secured debts, and future financial choices. A filing is made under oath, so the strategy must be built from complete records rather than estimates or selective disclosure. This guide explains the general Ohio framework in plain language and identifies the records and decisions that usually matter most. In this guide…