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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.

 

I'm a retired teacher. Tax my pension to save Illinois.

My wife and I are both recently retired teachers. Regarding the "debt crisis" of Illinois, I hear many people voice solutions that will be paid for by someone else. It is true that we have a problem with the increasing portion of the population who are ...

Published:  Sat, 19 May 2018 04:01:00 GMT



Illinois campaign puts a graduated income tax on the table

CHICAGO -- Replacing Illinois' flat income tax rate with graduated rates would not be a cure-all for the state's battered fiscal condition, market participants said. Though such a change could raise more revenue, it would also expose a state with a poor ...

Published:  Tue, 08 May 2018 13:31:00 GMT



Civic Federation calls for tax hikes, opposes sensible reform in budget criticism

The Civic Federation's criticism of Gov. Bruce Rauner's proposed budget is a mixed bag, with its own proposals for Illinois' financial crisis - including nearly $3 billion in tax hikes - missing the mark. The Civic Federation, a Chicago-based ...

Published:  Thu, 17 May 2018 12:30:00 GMT



Illinois Corporate Income Tax Basics - Apportionment

In a previous post, we addressed the basics for calculating Illinois base income. Once a taxpayer has calculated its Illinois base income, a corporate taxpayer should use Form IL-1120, Step 4, lines 24 through 34 to calculate its Illinois sourced income.

Published:  Tue, 08 May 2018 08:55:00 GMT



Illinois needs a fair income tax

As we near the end of the spring legislative session, Illinois faces yet another financial challenge that we can't afford to ignore. Our legislators are ironing out the details of what we hope will be a full-year budget for the fiscal year that starts July 1.

Published:  Wed, 16 May 2018 05:49:00 GMT



Illinois Supreme Court to weigh tax exemption for not-for-profit hospitals

The state's highest court will weigh the constitutionality of a law that lets not-for-profit hospitals skip paying property taxes - a question with potentially hundreds of millions of dollars at stake. Current law says that not-for-profit hospitals in ...

Published:  Fri, 18 May 2018 12:13:00 GMT



Ex-Illinois congressman sentenced to prison on tax charges

CHICAGO (Reuters) - Former Illinois U.S. congressman Mel Reynolds was sentenced on Thursday to six months in prison for failing to file federal income tax returns, according to prosecutors. Reynolds, 66, was convicted last September on four counts of ...

Published:  Thu, 10 May 2018 18:17:00 GMT



A progressive income tax is Illinois' best shot at solving budget crisis

After many years of struggle, it looks like momentum for progressive tax reform in Illinois is picking up. Democratic gubernatorial candidate J.B. Pritzker, who's mounting a strong campaign, has backed a constitutional amendment to allow a progressive ...

Published:  Thu, 10 May 2018 10:27:00 GMT



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