Tag Archives: bankruptcy court

Washington DC Averages Highest Auto Debt In Nation

Borrowers in Washington DC carry the highest amount of auto debt per borrower in the United States, according to an Associated Press story on August 23, 2011. Credit reporting agency TransUnion reported that Washington DC averages $15,128 per borrower in auto debt, while the national average was $12,689 for April through June. The AP reported that low interest rates and improved car sales helped drop the rate of late payments for auto loans. TransUnion said it was the seventh-straight quarter that the auto loan delinquency rate fell, with the share of borrowers 60 days or more behind dropping from 0.53 percent a year ago to 0.44 percent. The credit reporting agency said it expects the auto loan delinquency rate to drop further through the end of the year, but cautioned that it could “switch direction rapidly if the economy dips back into recession,” according to the AP. If your car…
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Washington Area Sees Dip In Bankruptcy Filings

New foreclosure laws led to fewer Washington-area residents filing for bankruptcy in the past year, according to the Washington Examiner. From June 2010 to June 2011, bankruptcy filings dropped 8.7 percent in Washington DC, 4 percent in Eastern Virginia and 2.1 percent in Maryland, data from the Administrative Office of U.S. Courts showed. The decline is a sharp contrast to between 2009 and 2010, when filings increased 26 percent in the District, 15.4 percent in Eastern Virginia and 36 percent in Maryland. A new foreclosure program that went into effect on May 25 for DC requires mortgage companies to mediate with homeowners before foreclosing, when lenders previously were only required to file a notice of foreclosure with homeowners. Maryland put a similar program into effect in July 2010 that also reduced the number of foreclosures statewide. What remains to be determined is if the programs have only delayed the bankruptcy…
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