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      November 19, 2018

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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.


Pot and unicorns won't fix Illinois' budget mess, but these bipartisan solutions will

Illinois politicians' history of fake math and deferring payments have saddled taxpayers with eye-popping debt and numerous tax hikes during the past two decades. People are fed up and many are alread...

Published:  Mon, 19 Nov 2018 03:04:00 GMT

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

Good News on Tax-Advantaged Investing Plans -- and You May Need It

If you've been maxing out the funds you route into tax-advantaged nest-egg enhancers such as IRAs ... So of the 62 plans that they evaluated, only four took home the gold -- Illinois, Virginia, Nevada ...

Published:  Sun, 18 Nov 2018 19:10:00 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

City fire, police pension costs expected to outpace property taxes again

9385 cents per $100 of a property's assessed value. The city rate, which has not been raised since the late 1980s, used to produce enough property taxes to cover police, fire and Illinois Municipal Re...

Published:  Sun, 18 Nov 2018 15:45:00 GMT

Chicago slaps PlayStation users with expansion of 9 percent amusement tax

... amusement tax is commonly dubbed the "Netflix tax" or the "cloud tax." In addition to being regressive, it is also likely illegal. The Liberty Justice Center, the Illinois Policy Institute's litig...

Published:  Sun, 18 Nov 2018 17:17:00 GMT

Prospects For Tax Policy In The 116th Congress

Democrats also won some state houses previously held by Republicans - Illinois, Michigan, Wisconsin, Kansas, Maine, New Mexico and Nevada - but fell short in others, notably Ohio and Florida. The 2018 ...

Published:  Fri, 16 Nov 2018 08:51:00 GMT

Dan McCaleb | Target's choice highlights Chicago's, Illinois' poor policy decisions

Chicago is a notoriously high-tax, high-regulation city, just as Illinois is a notoriously high-tax, high-regulation state. While the federal minimum wage is $7.25 an hour, Chicago's is $12 an hour no...

Published:  Sun, 18 Nov 2018 23:33:00 GMT

A Chat With J.B. Pritzker, Illinois's Next Governor

If you lived in Illinois, you would see that governing the state of Illinois ... We have a very unfair, regressive tax system. That's just unfair. So from the very beginning I campaigned on it. People ...

Published:  Thu, 15 Nov 2018 19:43:00 GMT

Blue-state Republicans embraced the 2017 tax cuts. It may have cost them.

particularly in high-tax high-income states like Illinois, New York, and New Jersey, and lo and behold, the races in those states were a total disaster for Republicans," said Kyle Kondik, of the Unive...

Published:  Fri, 16 Nov 2018 08:25:00 GMT

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