Richard Moffitt, co-founder of the Regency residential and commercial development companies, has filed to liquidate assets under federal bankruptcy laws.

Moffitt, who founded Regency with the late Michael Myers, claimed $991,585 in assets and nearly $47.7 million in debts, mostly connected to the collapse of the company, which was the state’s largest home builder when it closed in April 2008.

Earlier this month, U.S. Bankruptcy Judge Lee Jackwig discharged the bankruptcy cases of James Myers, who also presided over the companies after his father’s death in 2006, and John Gamble, Regency’s chief financial officer.

Myers had claimed more than $183 million in debts; Gamble had claimed $24.6 million.

Bankruptcy trustees will determine whether the bankruptcy estates have any assets to pay creditors.

The three men, along with James Myers’ brother, Robert, had provided personal guarantees on many of the bank loans used to finance projects by Regency and its related companies.

Moffitt lists $47.4 million in unsecured debts, most of that in the form of guarantees and court judgments on loans.

Moffitt, who is a superintendent with Destiny Homes, which was formed by another former Regency official, will retain possession of his home in Grimes, which is valued at more than $500,000 and makes up most of his assets.

According to the bankruptcy filing, Moffitt earned $68,800 with Destiny in 2010 and has been paid $28,584 so far this year. The case was filed June 10.