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Chicago, Illinois -- Thursday, September 19, 2019

Larry Ionescu poses for a portrait in the garage from which he runs a fleet of taxis in Chicago. Ionescu said he is not confident that he will be able to stay in business and talks of filing for bankruptcy.

Chicago taxi medallions, now worth about $25,000, were once valued at nearly $400,000. The market's crash and predatory loans caused many medallion owners to declare bankruptcy in a situation made worse by the introduction of ride share apps like Lyft and Uber to the market.

CREDIT: Alyssa Schukar for The New York Times
30230061A

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Chicago, Illinois -- Thursday, September 19, 2019<br /> <br /> Larry Ionescu poses for a portrait in the garage from which he runs a fleet of taxis in Chicago. Ionescu said he is not confident that he will be able to stay in business and talks of filing for bankruptcy.<br /> <br /> Chicago taxi medallions, now worth about $25,000, were once valued at nearly $400,000. The market's crash and predatory loans caused many medallion owners to declare bankruptcy in a situation made worse by the introduction of ride share apps like Lyft and Uber to the market.<br /> <br /> CREDIT: Alyssa Schukar for The New York Times <br /> 30230061A
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