Home Loan Center Inc., a mortgage-lending subsidiary of Lending Tree Inc., has converted its bankruptcy case from a chapter 11 to a chapter 7. Residential Capital LLC’s liquidating trust and Lehman Brothers Holdings Inc., which hold most of the claims against Home Loan Center, requested that the judge convert the bankruptcy from chapter 11 to chapter 7. Residential Capital argued Home Loan Center does not belong in chapter 11 because the company sold its operating assets to Discover Financial Services Inc. in 2012 for $55.9 million.
If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.