Reaffirm or Not to Reaffirm?

While in the active bankruptcy, Debtors are given the opportunity to enter into a reaffirmation agreement for property with secured liens (most common for vehicle liens). The agreement is a new financial agreement and if granted by the Judge, would no longer be a dischargeable debt. There are several factors for evaluation.
1. Does the vehicle have equity or is it under water?
2. Does the car payment impose an undue hardship upon the debtor now or could it in the foreseeable future?
3. Is the debtor current on payments?
4. Will the Judge grant the reaffirmation agreement?
Ford is one of the most aggressive creditors to insist upon the filing of the reaffirmation and has been known to repossess vehicles if there is non-compliance. Many reaffirmation agreements are neither granted nor denied by the court and as long as the Debtor remains current the creditor cannot repossess the vehicle.