I would be very surprised if they let you keep the car. The question on the linked site that commented on keeping a car didn't necessarily apply to the one the debt was over. For instance, I have a 6 year old Panda MJ that has no debt attached to it. Without it I can't get to work to earn the money to service the debt.
You however have a car that doesn't belong to you, so the first thing FIAT will do (I expect) is to take it back. They may well work out how much the car has devalued in the time you've had it. Unless it's a model with a hell of a waiting list then it will devalue, most cars tend to lose at least 25% of their value as soon as they are driven out of the showroom so you may have to give the car back plus they may want that money back which could be as much as £2,000.
If you have a CCJ issued against you it can preclude you from getting other finance for around 4 years. I once had one because I refused to pay a Solicitor's bill. I just toughed it out. He never got his money.
If you are declared bankrupt however, the consequences could follow you about for a long time. Think very carefully before you make the decision to go down that route.
If you are studying then when you graduate and go for a job, a bank or building society may not entertain you as they certainly don't allow their staff to build up debt while employed, so if you are trying to go into that environment aready with a bankruptcy round your neck then you are at a serious disadvantage. Likewise various aspects of the law profession will also take a dim view of someone who is financially suspect as it could be considered that they could be prone to blackmail.
If you haven't already done so, I'd speak to the finance department and try to give the car back with the least financial damage.
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