Latest News 2008 October Illinois State Senator Files for Ch. 13 Bankruptcy

Illinois State Senator Files for Ch. 13 Bankruptcy

An Illinois state senator has filed for Chapter 13 bankruptcy after the oil field tank truck services he has owned and operated for many years fell into financial trouble.

Illinois Sen. John O. Jones (R-Mount Vernon) decided to file for bankruptcy after struggling for four years to keep his company afloat. The senator had even put up his home as collateral in an effort to keep the business up and running.

"As the truck license fees went up, freight charges were cut and bigger trucking companies began undercutting the business, we just couldn't hang on any longer," said Jones. "When the bank foreclosed on the business, we filed for bankruptcy protection."

Jones made several attempts to sell the 16-employee business a few years ago, but ultimately was unable to do so.

Chapter 13 is a form of bankruptcy that permits debtors to reorganize their debts and repay them through an affordable monthly payment plan. Jones has agreed to repay his creditors a little over $2,000 month for 60 months.

Jones originally filed his case with the U.S District Bankruptcy Court for Southern Illinois in June 2008.  A bankruptcy hearing has been set for November 4th.

Jones has served on the Illinois State Senate since 2003, and represents the 54th District, which includes parts of Clay, Clinton, Edwards, Effingham, Hamilton, Jasper, Jefferson, Marion, Richland, White, and Wayne.

Jones plans to run for re-election this November.

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