I am a lawyer in CT and practice in this area of the law. If the contract with the bank has a security agreement with the note then they may be able to repossess the car once they get a judgment. the bank rather take your money from your paycheck as that will get them paid back - i.e. if you have the car, you can work and make money. I suggest trying to work with the bank to make a deal where you can repay the judgment and keep the car. If you can make a lump sum paying for 70% of what is owed, they may let you off.

Are you a lawyer?
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