Trucking Firms File 221 Bankruptcies Amid Cost Surge

Small trucking companies are facing mounting financial pressure from higher diesel and insurance costs, heavy debt and weak revenues, leading some owners to shut down. Justin Stoneman, whose Michigan trucking firm once earned more than $3 million a year, is moving from bankruptcy protection to Chapter 7 and closing his business. A reported 221 trucking companies have filed for bankruptcy this year, extending a multi-year surge. A survey found about two-thirds of small carriers had flat or falling revenue, while nearly 40% were unsure they would remain in the industry over the next six months. A bankruptcy attorney also reported a sharp rise in trucking companies seeking restructuring help.