If you let them repo the motorcycle, it will probably sell at auction for about $3-4,000, and you'll end up owing $10-11,000 on it after repossession and auction fees are added to your debt. You will be better off selling it yourself, then coming up with the money to pay off the balance of your loan. If the motorcycle is repossessed, you will end up with that huge deficiency that will likely haunt you for years and will destroy your credit rating, but it's not a bankruptcy.