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Debt Consolidation in Illinois

Falling behind on payments to creditors can be a stressful experience. Adding to the frustration of not being able to pay the bills often is the pressure of being hounded by debt collection agencies. In the state of Illinois, consumers are carrying an average debt of $53,353, with 33.9 percent of that debt having been turned over to collection agencies.

For Illinois residents, consumers who have had their debt turned over for collections have protections from abusive collections practices under the Fair Debt Collection Practices Act. Reports can be made to the Federal Trade Commission or to the Illinois Attorney General's office if consumers find themselves being illegally pursued by debt collection agencies.

Consumers who wish to work toward paying off their debt also can seek the assistance of a consumer credit counseling agency. These agencies can negotiate on behalf of consumers to obtain lower monthly payments, reduce the amount owed and even help with applying for debt consolidation programs if the consumer qualifies.

For those consumers who do not qualify for debt consolidation, bankruptcy is a final option that can be considered. There are two kinds of bankruptcies - Chapter 7 and Chapter 13 - each with its own rules and exemptions. Chapter 13 allows consumers, especially those who are behind on mortgages, to retain their property at the conclusion of the bankruptcy process. Chapter 7 filers have the advantage of eliminating debt without being burdened with paying it back. The down side is that any non-exempt property may be forfeited by the consumer during the bankruptcy process.

 

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Debt Consolidation In The News

Student Loans: What Is Consolidation Vs. Student Loan Refinancing

When it comes to student loans, this is one of the biggest choices. Student loan consolidation or student loan refinancing The decision is an important one, and could mean tens of thousands of dollar...

Published:  Mon, 16 Jul 2018 05:32:00 GMT



VIDEO: Student loan consolidation

(WIVB) - Student loan debt in the U.S. now stands at $1.5 trillion- but a new program is offering some relief for local students. A local agency is helping ease financial stress by giving scholarships ...

Published:  Wed, 18 Jul 2018 16:35:00 GMT



One loan vs many: Is debt consolidation the answer

PETALING JAYA: For those who are left with only meagre funds in their bank accounts after paying their personal loans every month, debt consolidation can sound like a very attractive prospect. Debt co...

Published:  Sat, 23 Jun 2018 05:00:00 GMT



IMF: Greek economy improved, but may need more debt relief

ATHENS, Greece (AP) - Greece has significantly improved its economy as it heads toward the end of its bailout program in August, but its debt will remain difficult to manage in the long term, the Inte...

Published:  Fri, 29 Jun 2018 12:41:00 GMT



How Greece's PM celebrated European debt relief package

Greece's Prime Minister has welcomed the decision by eurozone creditors to offer debt relief - and marked the occasion by wearing a tie. Alexis Tsipras often joked that he would start wearing a tie on...

Published:  Fri, 22 Jun 2018 15:48:00 GMT



Nearly 35,000 former Corinthian College students in California will see debt relief

Almost 35,000 former Corinthian College students in California will have the remainder of their private loan balances forgiven and some may receive payment refunds after an investigation by the state ...

Published:  Fri, 15 Jun 2018 03:30:00 GMT



Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. New York, Unite...

Published:  Tue, 05 Jun 2018 01:14:00 GMT



Student loan debt relief company barred from Mass. operations

BOSTON - United Advisors Group LLC, branded as a student-loan debt relief company, has agreed to stop operating in Massachusetts after allegations that it charged unlawful upfront fees and misled cust...

Published:  Tue, 12 Jun 2018 12:15:00 GMT



Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. Baltimore, MD - ...

Published:  Tue, 05 Jun 2018 01:14:00 GMT




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