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Illinois Businessman Files For Personal Bankruptcy

Dan Gustafson, an Illinois businessman and a local politician, has filed for Chapter 7 liquidation bankruptcy just one year after his businesses failed in the poor conditions created by the economic recession.

Gustafson owned a freight company based in Illinois called Concert Group Logistics, but last July, the parent company took over control of the company after almost ten years. Now, Gustafson has an estimated $1.2 million in debts – all of which the man says is a result of his failed small business. Gustafson also says that the poor economy is to blame for his business failings and personal finance failings. He told reporters that before the recession hit in 2007, he was making $4 million a year, a number that dropped to under $1 million just a year later. He said that he couldn’t downside his business fast enough, landing both his company and him in debt. Finally, he suddenly lost a client that made up the majority of his remaining business.

The Illinois businessman’s biggest creditor is Concert Group Logistics, which he owes $266,000. Other debts include credit card balances and almost $100,000 in federal and state taxes. He has filed an exemption to keep his large house, one of his few remaining assets. He also says he is actively looking for work in addition to his job as a city councilman. He is looking forward to a new start after his bankruptcy.

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