Chicago Freight Files Chapter 7 Bankruptcy

Chicago Freight, based in Carol Stream, Illinois, has officially filed for Chapter 7 bankruptcy. The voluntary petition was submitted to federal court on August 5, marking the end of the company's operations.

Records indicate a stark financial imbalance, with the carrier listing only $2,500 in assets against a substantial $696,000 in liabilities. This situation follows a period where the company operated with 25 power units and 19 drivers a year prior.

Financially, Chicago Freight reported nearly $4.6 million in gross revenue for 2025. The company had previously operated under several different business names, including Ningbo Times Aluminum Foil Tech and Cargo Pacific Logistics.

This bankruptcy adds to a trend of recent carrier failures, which analysts suggest is tightening the market. Such constraints on available carriers are reportedly helping to improve rates for those remaining in the industry, despite an overall decline in shipping volumes.