By Mike Stetzer
John Gamble, one of the four top officials in what used to be Iowa's largest homebuilder, has filed for personal bankruptcy.
Gamble's filing follows the October 2009 filing of the Regency Homes president, James Myers, whose bankruptcy filing listed just over $1 million in assets and more than $100 million in liabilities, according to the Des Moines Register.
Gamble's own bankruptcy, which was filed jointly with his wife, lists $225,583.20 in assets and $24,587,361.97 in liabilities. The former executive's filing also shows that more than half of his unsecured debts are composed of court judgments regarding various land development projects.
Regency Homes closed its doors and laid off more than 100 workers in 2008, according to the news source. Former president Myers cited cash flow problems as the reason for the closure, claiming that Wells Fargo had restricted the company's access to credit.
A debt is known as "secured" when the creditor has a security interest in some or all of the assets owned by the borrower. When a borrower files for bankruptcy, unsecured creditors typically receive a smaller portion of their claims than secured creditors, as the claims of the latter are satisfied first.
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