I have made arrangements for voluntary repossession. I am worried they will sue me for the remaining balance. I can't pay anything right now, which is why I am turning it in. Do I have to file bankruptcy to avoid being sued? Do they always sue for the remainder amount? I'm really nervous. Thanks.
More than likely they will use any and all means to collect the debt. That could be debt collectors, or even suing you in court. Since you still legally owe them the money. As far as declaring BK, only you can know if that is the right situation for you.
Go see a couple of bk attorneys. Tell them your story and ask for advice. They usually do a free initial consultation.
But if you are even asking the question, it is probably better than 50-50 that the answer is yes. But be sure you need to before you do. It ain't good for the credit score. You can recover, and faster than you think, but be sure before you go that route.