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The Journal Gazette

Monday, October 30, 2017 11:30 am

House-flipping company files for bankruptcy

Associated Press

INDIANAPOLIS -- A house-flipping company in Indianapolis has filed for bankruptcy, leaving more than 120 people who bought or sold homes through the firm in limbo.

The Indianapolis Star reported that Chart Properties LLC filed for bankruptcy on Oct. 17. The monetary losses could be more than $5 million.

The bankruptcy petition has few details about the company's finances. But it said 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 back to the original sellers.

Legal experts said 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.