James Myers, who was at the helm in 2008 when his family’s home building colossus collapsed, filed for bankruptcy protection today.

Myers cited debts of nearly $175.4 million and assets of almost $1.1 million in the filing in bankruptcy court in Des Moines. Myers seeks to liquidate his assets with the filing, which also would place a hold on banks and other creditors seeking payment of failed development loans and other debts related to the shuttering of Regency Homes and its related businesses.

Regency Homes was the largest home builder in the state when the company, co-founded by the late Michael Myers, was taken over by his sons James and Robert.

Tight credit, falling home prices and an excess of expensive development land in Greater Des Moines and elsewhere in the state are generally cited as reasons for the fall of Regency.

The brothers struggled to keep the company afloat after Regency’s principal lender, Wells Fargo & Co., took action to call in a $47.5 million line of credit that had been secured by properties all across the state.