Alliance Bancorp Files Chapter 7 Plan in Delaware, Becoming Latest Mortgage Lender to Enter Bankruptcy

Posted on July 17, 2007 by Sandy Lewicki

On July 13, 2007, Alliance Bancorp, Inc., Alliance Mortgage Investments, Inc. and Alliance Bancorp filed petitions under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, becoming the latest in a series of residential mortgage lenders to file bankruptcy petitions in Delaware.  However, unlike previous cases that have filed here, Alliance is planning to liquidate, rather than reorganize.  Judge Christopher S. Sontchi has been assigned to this case.

 According to an announcement on the debtors’ website from the debtor’s President and CEO, Lisa A. Duehring, “[w]e have exhausted our resources and do not have the means to move forward. Therefore, it is with great sadness that I announce that we have ceased operations as of today, July 13th.”

Other mortgage lenders that have recently filed in Delaware include New Century Financial Corp., ResMae Mortgage Corp. and Mortgage Lenders Network USA Inc.
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home loan info - September 20, 2007 7:46 PM
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