Chicago Freight filed for Chapter 7 bankruptcy, according to a voluntary petition in federal bankruptcy court.

The carrier reported having $2,500 in assets and nearly $696,000 in liabilities, per the Aug. 5 petition.

Recent bankruptcies have contributed to a tightening in the market, allowing remaining players to improve their own operations. Analysts note this constraint of suppliers in the market has helped elevate rates.

The carrier, based in the Chicago suburb of Carol Stream, Illinois, had 25 power units and 19 drivers a year ago, according to a federal database.

Led by President Nathan Hancock, the company previously operated as Ningbo Times Aluminum Foil Tech, Cargo Pacific, Cargo Pacific Logistics, and Cargo Inc., according to the petition.

Chicago Freight reported its gross revenue was nearly $4.6 million in 2024, $4.2 million in 2025, and around $655,000 at the date of the bankruptcy petition.

While contract and spot rates have been making gains, volume overall is still lacking. Q2 shipments declined 1.1% from Q1 and 2.8% compared to a year ago, the U.S. Bank Freight Payment Index reported Aug. 4. Spending in every region except the Midwest improved between those quarters this year, the index also noted.