expediting development of the proposed communities. Rhodes subsequently stated that there was enough water to last 100 years for residents of Pravada. In 2008, the Mohave County Board of Supervisors approved a zoning plan and development agreement for Pravada, despite continued opposition from some local residents. By the end of 2008, Rhodes hoped for construction of Pravada to begin in a year. However, the proposed communities in Arizona never materialized. Great Recession As the Great Recession began, Rhodes used it to his advantage by buying low-priced lots, allowing him to affordably build homes and make a profit unlike other builders. Rhodes Homes was prohibited from purchasing distressed property, due to a 2005 loan agreement with Credit Suisse. Rhodes formed a development firm, Harmony Homes, to purchase such property instead. The firm was founded in 2008, and sold an average of 400 houses a year. Harmony Homes later expanded to southern California. By 2009, Rhodes had earned revenue of $2.4 billion, while Rhodes Companies had developed 40 communities and had built more than 6,000 homes in the Las Vegas Valley. Rhodes Companies soon defaulted on the 2005 loan from Credit Suisse. Rhodes Companies and 31 affiliated companies filed for Chapter 11 bankruptcy in March 2009. Rhodes estimated that there would be 5,000 to 10,000 creditor claims in the case, but said the filing would have only a minimal impact on daily operations. The filing would also have no impact on plans to develop a community in Apache Junction. At the time, Rhodes Homes was the third-biggest private homebuilder in southern Nevada. The company had liabilities of $390 million, but only $100 million in assets. The demise of Rhodes Homes was partially attributed to Jim Rhodes' plan to build thousands of homes throughout Arizona, despite infrastructure issues. The main assets of Rhodes Companies included Rhodes Ranch and Tuscany. The companies had less than 100 employees. A group of creditors, including Credit Suisse, sought to replace Rhodes with a trustee to operate his companies. The creditors claimed that Rhodes was irresponsible with finances, alleging that he had recently used company funds to pay family members large sums of money for limited services. The creditors also alleged that Rhodes gave himself a $75,000 bonus in addition to his annual $400,000 salary. It was also alleged that he used corporate money to make payments to his ex-wife, Deborah Rhodes, as part of a divorce settlement.