Chicago Freight, a trucking carrier based in the Chicago suburb of Carol Stream, Illinois, has filed for Chapter 7 bankruptcy, according to a voluntary petition submitted in federal bankruptcy court.

The petition, dated Aug. 5, lists the company's assets at $2,500 and its liabilities at nearly $696,000. The filing marks a significant financial downturn for the carrier, which had reported gross revenue of approximately $4.6 million in 2024 and $4.2 million in 2025. By the date of the bankruptcy petition, that figure had fallen to around $655,000.

According to the petition, the company is led by President Nathan Hancock and previously operated under several other names, including Ningbo Times Aluminum Foil Tech, Cargo Pacific, Cargo Pacific Logistics, and Cargo Inc. A year ago, the carrier had 25 power units and 19 drivers, as recorded in a federal database maintained by the Federal Motor Carrier Safety Administration.

The Chapter 7 filing adds to a series of recent bankruptcies in the trucking industry that have contributed to a tightening of market capacity. Analysts note that this reduction in the number of active carriers has helped elevate freight rates, as remaining players gain greater pricing power. However, despite improvements in contract and spot rates, overall freight volumes remain lackluster.

Data from the U.S. Bank Freight Payment Index, reported Aug. 4, show that second-quarter shipments declined 1.1% from the first quarter and 2.8% compared with the same period a year ago. The index also indicated that spending improved in every region except the Midwest between those quarters this year, reflecting uneven demand across the country.

The bankruptcy filing is a stark reminder of the financial pressures facing smaller carriers in a market that, while showing signs of rate recovery, still struggles with weak volume growth. Chicago Freight's case will now proceed through the federal bankruptcy court system, where creditors will seek to recover portions of the nearly $696,000 owed.