On March 20, 2007, Irvine-based nonprime lender People’s Choice Home Loan, Inc., and two of its affiliates filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code due to a combination of warehouse line liquidity, repurchase requests, and reduced pricing for nonprime loans in the secondary market. The company intends to utilize chapter 11 to explore financial and strategic alternatives with respect to its strong core assets. Attorneys Jeremy Richards and Jeffrey Dulberg of PSZJ represented People’s Choice.
For more information on Pachulski’s involvement in subprime lending reorganization cases, please visit our Subprime Mortgage Lenders page.
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