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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.


New Illinois adoption tax credit eases financial burden on families

Even before they were married, Cory and Christena Estby knew they wanted a big family, including adopting children who needed loving parents. As the years passed, the Kankakee County couple went throu...

Published:  Wed, 18 Jul 2018 07:17:00 GMT

Lawmakers found more money for schools this year, but what about down the road

The fact that Illinois passed this "historic school funding" legislation received a lot of attention last year, but one part of the plan did not: the Property Tax Relief Pool Grants Of the new revenue ...

Published:  Tue, 17 Jul 2018 10:56:00 GMT

Illinois Tax Talk: Financial Organization Apportionment

Law360 (July 18, 2018, 3:34 PM EDT) -- Financial organizations in Illinois are required to follow different apportionment rules than general service providers. Prior to Dec. 31, 2017, such businesses ...

Published:  Wed, 18 Jul 2018 12:34:00 GMT

A year after historic tax increase, Illinois remains in the red

One year ago, lawmakers overrode Gov. Bruce Rauner's veto, passing a $36.5 billion budget that took an additional $5 billion from taxpayers and ended a more-than-two-year standoff between the freshman ...

Published:  Wed, 11 Jul 2018 08:46:00 GMT

Progressive income tax proposal would sink Illinois

The Land of Lincoln is on the precipice of a financial disaster, and the window to repair our damaged state is shrinking every single day. Instead of reforming public employee pensions and Medicaid, s...

Published:  Wed, 04 Jul 2018 22:02:00 GMT

VP Pence to Outline President Trump's Tax Law During Trip to Illinois

Vice President Mike Pence is set to tout President Trump's tax cuts in Illinois. Pence will visit Rosemont Friday just northwest of Chicago, where he plans to speak in front of working families and jo...

Published:  Fri, 13 Jul 2018 09:18:00 GMT

One year, $5 billion later, are Illinois finances better off

We are three days past Independence Day, which our calendar tells us is the first anniversary of Illinois Tax Dependency Day. One year ago today, Illinois lawmakers overturned Gov. Bruce Rauner's veto ...

Published:  Fri, 06 Jul 2018 14:30:00 GMT

Possible property tax question on November ballot

Six Jackson County Board members want to stop the state from raising your property taxes to pay off pension debt. The move comes after a report from the Federal Reserve Bank of Chicago suggested to be...

Published:  Thu, 05 Jul 2018 15:23:00 GMT

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