We thought the $183 million personal bankruptcy of former Regency executive James Myers had set a record that would stand for a long time, but now comes the stunning $485 million personal bankruptcy filing by real estate developer Jon Garnaas.

It’s a sad tale that sparks two hopes: that Central Iowa is near the end of this ugly shakeout from the Great Recession, and that future developers will learn from the bad experiences and bad judgment of their predecessors.

The deep recession provided a lot of the “experience” part of the equation. It provided a reminder of an old, old lesson: Never assume. No matter how much momentum the nation’s economy has, no matter how tempting it is to stay on the bandwagon for just one more project, a developer has to remember that lows follow highs.

A local developer who is still standing told us before the collapse that things were about to get tough. Did all of his peers know that too? Was it just too late to duck out of the way at that point? Or is “knowing” not the same as “knowing when”?

As for the “bad judgment,” more will be learned about Garnaas’ decisions, but we seem to be seeing another example of a businessman taking money from here to plug a hole over there. Too often, that’s a sign of impending disaster.

Aside from the heavy personal burden on anyone who is forced to file for bankruptcy, an active developer also has others to think about. We saw in the aftermath of Myers’ bankruptcy filing that he was able to go on with an apparently comfortable lifestyle, while many subcontractors suffered serious consequences.

A bankruptcy more than twice as large will swamp even more boats.

That should remind government officials and moneylenders that they have responsibilities here, too. When caution is set aside, a wide cross section of citizens and customers – builders, suppliers, laborers – also pay the price.