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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.


Illinois Governor Hopefuls Clash on Taxes, 'Lies' at Debate

CHICAGO (AP) - Republican Gov. Bruce Rauner on Thursday accused rival J.B. Pritzker of plotting a massive income tax hike on the people of Illinois, a claim the Democrat dismissed as another lie from ...

Published:  Thu, 20 Sep 2018 19:36:00 GMT

Taxes, toilets and trust liven first debate in Illinois governor race

Gov. Bruce Rauner framed his re-election battle as a fight against taxes and corruption and dubbed third-party candidate State Sen. Sam McCann "phony," while Democrat J.B. Pritzker kept up a ...

Published:  Thu, 20 Sep 2018 19:04:00 GMT

Do tax credits bring jobs Not in Illinois.

Illinois politicians will be the first to tell you the state needs all the revenue it can get. Yet from 1999 through 2017, they issued $1.65 billion in tax credits to major companies across the state. ...

Published:  Fri, 21 Sep 2018 12:07:00 GMT

Illinois not-for-profit hospitals can continue skipping property taxes, court rules

Illinois not-for-profit hospitals can continue to skip paying property taxes, following a ruling by the state's highest court Thursday. The Illinois Supreme Court upheld Thursday a lower court's rulin...

Published:  Thu, 20 Sep 2018 08:32:00 GMT

Toilets, Taxes and Strangleholds: Candidates for Illinois Governor Square Off in First Televised Forum

You can watch the forum in its entirety here. The candidates running for Illinois governor squared off in the first televised forum of the general election Thursday, sharing the stage for the first ti...

Published:  Thu, 20 Sep 2018 17:13:00 GMT

Illinois Is a Few Elections Away From a Graduated Income Tax

Recently, as he discussed a potential candidacy for mayor of Chicago, Ald. Ricardo Munoz floated the idea of instituting a city income tax for residents earning more than $120,000 a year. "If you make ...

Published:  Fri, 21 Sep 2018 09:31:00 GMT

A (mostly unhelpful) Illinois Supreme Court Decision on Hospital Property Tax Exemption

Yesterday (Sept. 20, 2018), the Illinois Supreme Court released its long-awaited opinion in Oswald v. Hamer, a case about the constitutionality of a statute the Illinois Legislature passed in 2012 ...

Published:  Fri, 21 Sep 2018 11:08:00 GMT

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