Village Homes of Colorado Inc., a developer of more than 10,000 homes in the state, filed for bankruptcy protection, blaming credit restrictions and the collapsed U.S. real estate market.

The 24-year-old builder, based in Greenwood, has assets of $103.8 million and debt of $138.4 million, according to a Chapter 11 petition filed Thursday in the U.S. Bankruptcy Court in Denver.

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