We purchased a 2014 XXXX. Later in that year, the wife and I were forced to retire, due to the funding expiring ( we both worked for the XXXX ). Completely unprepared to retire, we lost our home, and had to turn the car over to a XXXX, XXXX agency. Ally Bank got {$15000.00} at auction, we paid {$16000.00}. Ally insists we owe another {$8500.00} due to 5 yr payoff. We are paying {$50.00} a month to a collection agency. I am XXXX old..my wife is XXXX. In order to eliminate that debt, would we have to declare bankruptcy? 
