Subprime Lender People's Choice Files For Bankruptcy Protection

People's Choice Home Loan, a California-based mortgage lender to people with poor credit histories, on Tuesday filed for Chapter 11 bankruptcy protection from creditors, court papers show.

The Irvine, California-based company listed more than $100 million of assets and more than $100 million of liabilities in its filing with the U.S. Bankruptcy Court for the Central District of California.

According to its Web site, People's Choice has wholesale lending and retail lending units. It said the latter serves borrowers with less-than-perfect credit. Founded in 1999, the company said it employs about 1,150 people nationwide.

Many U.S. subprime lenders have struggled in recent months from rising delinquencies and defaults. Some larger lenders have sought bankruptcy protection.