Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Bankruptcy is definitely a consideration unless you have the means to pay this large balance.
The lender has a right to seek a deficiency judgment against you for this balance due. If it sues, it can garnish wages, bank accounts, etc to get paid.
If you file bankruptcy, this debt will be discharged, relieving you of the obligation to pay and the creditor's rights to try to get paid from you.