A house-flipping company in Indianapolis has filed for bankruptcy, leaving more than 120 parties who bought or sold homes through the firm in limbo.
Chart Properties LLC filed for bankruptcy on Oct. 17. The monetary losses could be more than $5 million, The Indianapolis Star reported.
The bankruptcy petition has few details about the company's finances. But it says the company doesn't have the assets to repay clients and other creditors.
Attorney Briane House is representing a home seller in a lawsuit against Chart. He said the ownership of homes the company bought will likely revert to the original sellers.
Legal experts say families who bought homes from Chart could be forced out and those who sold their homes may be saddled with property they don't want.
Chart typically acquired the homes on contract and generally required to pay off the home in two years. In the meantime, it resold the homes through rent-to-own agreements that required a down payment and then monthly payments.
The 2-year-old company, 7440 N. Shadeland Ave., was operated by Robert Keck and Grady "Brian" Rogers.