CARLSBAD, Calif. -- Barratt American, one of biggest homebuilders in North County, filed for bankruptcy, it was reported Tuesday.

The Carlsbad-based builder filed for Chapter 11 bankruptcy last week, The North County Times reported. Chapter 11 bankruptcy shields a firm from creditors while it works to reorganize its business.

Of Barratt's top 20 creditors listed in the filing, 11 are based in San Diego or Riverside counties and are collectively owed $10.9 million, according to the newspaper.

Barratt, a subsidiary of a British firm, has four unfinished North County housing projects that have been seized by Bank of America.

Michael Pattinson, Barratt American's president, told the Times that his company was forced into bankruptcy after Bank of America canceled the company's line of credit, despite working together for 27 years.

"What upsets me is that a company that I was loyal to was not loyal to me," Pattinson told the newspaper.

But at least one of Barratt's creditors, framer D&S Construction in Escondido, isn't buying it.

Dan Schaldach, who owns D&S, told the Times that his unpaid bills with Barratt total about $750,000.

"I think (Pattinson) has been blaming other people for (Barratt's) mismanagement," he told the newspaper. "They had a pretty high lifestyle, and it caught up with them."