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Debt Consolidation in Illinois

Illinois MapFalling 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.


House Democratic Tax Plan Leaked in Sixth District of Illinois

House Democrats may be running on a tax platform consisting of uncapping the SALT deduction for wealthy households, increasing the tax rate on mature small businesses to the highest level seen since the 1970s, and raising taxes on large U.S. employers ...

Published:  Mon, 21 May 2018 13:25:00 GMT

A narrow win for bondholders still sets an ominous precedent in Illinois

CHICAGO - Harvey, Illinois revenue bondholders won a partial victory this week when the state comptroller concluded they will continue to get first crack on local home rule sales tax collections. But the comptroller's ruling sets a precedent that is ...

Published:  Tue, 22 May 2018 11:59:00 GMT

Lincoln-Way approves flat $50 participation fee for students, considers sales tax measure

Nearly half of Illinois' 102 counties have passed the measure, primarily downstate. It was projected that a 1 percent sales tax could generate $60 million annually for Will County schools, which is distributed based on student enrollment, officials said.

Published:  Tue, 22 May 2018 12:32:00 GMT

Decatur council approves Love's truck stop using up to $750,000 in local gas tax proceeds

The tax charges 1 cent per gallon for diesel ... Decatur officials also hope that Love's investment on Illinois 121 would spark more development near it. "Development attracts more development," Tyus said. With two council members absent - Bill Faber ...

Published:  Mon, 21 May 2018 19:37:00 GMT

Two things Illinois homeowners should know about the property tax assessment process

The amount of a property tax bill is determined by two things: the amount of money local governments charge property owners to cover government spending - the levy - and the value of a taxpayer's property. The levy determines how much taxpayers pay ...

Published:  Mon, 21 May 2018 16:06:00 GMT

Peter Roskam's Democratic challenger thinks lowering taxes on the wealthy is a good thing

Democrats campaigning against a popular tax cut to take back control of Congress in November may seem like an ill-advised move. Yet, they're doing it anyway. Enter Sean Casten, Democratic candidate for Illinois's sixth congressional district. Casten is ...

Published:  Tue, 22 May 2018 04:10:00 GMT

How to Minimize Social Security Taxes

Illinois. After age 70 1/2, you might be able to avoid paying income tax on your IRA required minimum distribution if you donate it directly to a qualifying charity. "RMDs could be eliminated or partly eliminated from the tax return by use of qualified ...

Published:  Mon, 21 May 2018 07:12:00 GMT

Michigan OKs tax incentives for Detroit projects, Amazon

Bedrock is the first developer to receive tax incentives under Michigan's transformational ... The MEDC said Amazon chose Michigan over competing sites in Illinois, Indiana, Ohio and Wisconsin.

Published:  Tue, 22 May 2018 11:45:00 GMT

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