By: Keri Ebeck
Auto loan delinquencies are rising to levels greater than we saw in 2008-2009 recession. The amount of auto loans that are sixty (60) plus days past due are drastically rising. Forbes has stated that 6.1% of borrowers were behind on their auto loans in October 2023 as opposed to 2.6% in May of this year. That increase in just six months is higher than we have seen in years. This is due to higher priced vehicles and of course, the 8% plus interest rates. Typically, consumer bankruptcies rise due to pending foreclosures, but with the increase in auto loan delinquencies and looming repossessions, vehicle loans are pushing borrowers into Chapter 13. As a vehicle creditor, what happens if you repossess and then your borrower files bankruptcy? What happens if you do not repossess and your borrower files bankruptcy? Creditors have certain rights within a consumer bankruptcy, but deadlines vastly approach once a bankruptcy is filed. It is imperative that a creditor gets involved at the onset of the borrower’s bankruptcy and protect those rights. This exact topic will be discussed this year at the Allegheny County Bar Association’s 36th Annual Western District of Pennsylvania Bankruptcy Symposium, the Consumer Case Law Update of 2023, will focus on auto loans and trending case law.
Bernstein-Burkley, P.C.’s Partner, Keri P. Ebeck, will be a panelist and will be speaking directly about protecting a creditors’ rights. To register, please contact the Allegheny County Bar Association or register at www.acba.org.
ABOUT BERNSTEIN-BURKLEY, P.C.
Bernstein-Burkley, P.C. has more board-certified business bankruptcy and creditors’ rights specialists in Pennsylvania than any other law firm and is highly regarded and respected for its national reach in Bankruptcy & Restructuring, Business Law, Creditors’ Rights, Litigation, Oil & Gas, and Real Estate. The firm strives for across-the-firm board certification for eligible Bernstein-Burkley attorneys by 2025, with offices in Pittsburgh, Cleveland, and Wheeling.
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For more information, visit www.bernsteinlaw.com or contact:
Keri Ebeck
Partner, Bernstein-Burkley
kebeck@bernsteinlaw.com or 412-456-8100