Yes. There are basically two choices: Reaffirmation and one is Redemption. There is a third choice, which is to do nothing and just keep making the payments (its called a pass through). However some companies will not let you do that and will want to take back the car. Under this option, which is not included in the bankruptcy code, some lenders are choosing to take no action to compell reaffirmation, content to collect the payments without a reaffirmed loan contract. If the asset has a low value relative to the cost of repossessing it (such as used computers, major appliances, automobile tires) the debtor can simply decline to redeem, reaffirm or surrender and wait to see if the creditor will take action to recover the collateral after the bankruptcy. In my experience, creditors threaten but do not pursue this kind of collateral after the bankruptcy.