Bickford Ranch had the approvals it needed. PlacerCounty’s Board of Supervisors gave the green light for development for the nearly 2,000-acre community between Lincoln and Penryn last year.

But a lot can change in this economy. The partnership that’s developing the area filed for Chapter 11 bankruptcy Thursday. SunCal Bickford Ranch LLC said the action follows the bankruptcy of Lehman Brothers, which had been the sole source of funding for the project.

The initial filing estimated between $50 million and $100 million in debts. It also listed assets between $100 million and $500 million.

The 20 largest unsecured creditors include construction companies that have performed initial site work. The partnership owes PlacerCounty $240,000.

The filing applies solely to the partnership, and not to the associated companies.