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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.


OLCHS Eligible For Illinois Property Tax Relief Grant

OAK LAWN, IL -- Oak Lawn Community High School Dist. 229 was one of 28 school districts in the state to receive a Property Tax Relief Grant for fiscal year 2019. The $50 million state grant covers ...

Published:  Mon, 18 Feb 2019 21:52:00 GMT

A progressive income tax for Illinois is anything but "moral"

The Sun-Times' Feb. 11 editorial, " A moral argument for the rich in Illinois paying a fairer share" gets one thing right: It's morally imperative to protect the middle class. Unfortunately ...

Published:  Mon, 18 Feb 2019 09:14:00 GMT

Blue State Democrats Target Wealthy With Progressive Income Tax Hikes That Would Hit Small Business

For these reasons, the more immediate opportunity for Democrats to enact progressive tax hikes on incomes beyond a certain threshold is in blue states, and Illinois Governor J.B. Pritzker (D) is movin...

Published:  Mon, 18 Feb 2019 13:20:00 GMT

New Illinois mileage bill would tax drivers by the mile

ILLINOIS ( A new bill introduced Thursday would impose a tax on each mile driven by Illinois motorists. The bill, which was proposed by Rep. Marcus C. Evans, would create a pilot program th...

Published:  Mon, 18 Feb 2019 04:41:00 GMT

It's "˜not the right idea': Pay-per-mile proposal out, big gas tax hike for Illinois may loom

The sponsor of a bill that would create a pilot program to tax vehicles based on mileage plans to table the measure less than a week after it was filed in the House. Rep. Marcus C. Evans Jr., D-Chicag...

Published:  Mon, 18 Feb 2019 16:43:00 GMT

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