United States Map
      November 18, 2018

Home  >  Debt Consolidation  >  Shop By State  >  Illinois

Your Information Is Secure
60+ Ways to Save Money Newsletter

Latest Reviews

Bunk Beds

Charm Bracelets

Dating Sites


Flower Delivery

Guitar Lessons

Hair Loss


Menopause Relief

Online Stock Brokers



Disclosure: We pay our reviewers for their reviews. We are not compensated by companies for their reviews, but we may be compensated for links and advertisements on our website. Click here for details.

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.


Pritzker's progressive income tax must serve only this one purpose

Pritzker has been clearer on taxes. He wants to replace Illinois' flat 4.95 percent income tax rate with a "graduated" tax that levies higher rates on higher incomes, an approach used by 33 states and ...

Published:  Fri, 16 Nov 2018 03:47:00 GMT

Here's what J.B. Pritzker's election means for Illinois' taxes, minimum wage, health care and more

For the second election in a row, Illinois voters have handed the governor's office to an ultrawealthy but politically inexperienced businessman who promises to jump-start the state's economy. But Dem...

Published:  Fri, 09 Nov 2018 10:58:00 GMT

Illinoisans continue with strong opinions of Illinois tax burdens

It's no secret Illinois has one of the highest tax burdens in the nation. In 2016, the Tax Foundation ranked Illinois the fifth in the nation for overall tax burden and in March, ninth for property ta...

Published:  Wed, 14 Nov 2018 14:06:00 GMT

Tax experts say Illinois millionaires could try to flout progressive tax

Pritzker, along with other Democratic lawmakers, have proposed changing Illinois' Constitution to allow for graduated income tax rates that would require people who earn more to pay higher ...

Published:  Tue, 13 Nov 2018 09:03:00 GMT

Sales tax backup supports toll bonds for Illinois bridge

CHICAGO - Kane County - one of Chicago's five "collar" counties - will sell $26 million of double-barreled bonds to finance construction of a toll bridge over the Fox River to relieve congestion in th...

Published:  Tue, 13 Nov 2018 11:51:00 GMT

Local charities keeping eye on effect of new tax rules

Boys & Girls Clubs of Central Illinois executive director William Legge is closely watching what the tax law changes might mean to his organization's bottom line, but he's confident his donors will co...

Published:  Sat, 17 Nov 2018 14:52:00 GMT

Share Us!    Share on Twitter Share on LinkedIn Share on Google+ Share on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure