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| Credit Card Debt Consolidation Help in Illinois | ||||||||||||||||
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| Illinois Debt Relief | ||||||||||||||||
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Debt settlement, also known as debt negotiation and debt reduction, is the process by which we negotiate and settle a debt for a reduced amount on behalf of a client. When successful, it is possible that Franklin Debt Relief can settle their debts for less than what is owed, all with the convenience of one low program payment. The savings from our debt settlement program can potentially be tremendous versus making your minimum payments, and it is in some cases the cheapest and fastest debt relief, debt consolidation or debt help option available to Florida consumers. If you're overwhelmed with credit cards, medical bills, balances from a repossession, or accounts in collections, call for a free consultation: (877) 274-1260. |
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| Pertinent Illinois Debt Relief and Debt Help Laws | ||||||||||||||||
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(This is intended to be a helpful and informational debt resource for Illinois consumers and does not constitute legal advice. For legal advice about your situation, contact a licensed professional in Illinois.) Debt Collection Illinois follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA). For more information on the FDCPA follow this link: debt collection. Debt collector cannot: - threaten to contact or contact a debtor's employer unless the debt is more than 30 days past due. - threaten to disseminate or disseminate information regarding the debt to any third party other than a person who has a business need for the information. -attempt to collect a collection agency's fee unless authorized to do so in the original agreement - take actions with intention of inflicting mental or physical illness to debtor or debtor's family. -At least 5 days prior to contacting the debtor's employer, the debt collector must notify the debtor in writing of his or her plans to do so. Illinois Debt Law Maximum Interest Rate a Collection Agency Can Charge in Illinois: 5% Illinois Wage Protection: 85% of net weekly income or 45 times the federal minimum wage Statute of Limitations A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in Texas but currently live in Illinois, the applicable statutes of limitations would be Texas'.) Oral Agreements: 5 years Written Contracts: 10 years Promissory Notes: 10 years Open Accounts (credit cards): 10 years Bankruptcy Courts Eastern Division 219 S. Dearborn Chicago, IL 60604 Tel (312) 435-5694 Fax (312) 408-7750 Western Division 211 S. Court Street Rockford, IL 61101 Tel (815) 987-4350 Fax (815) 987-4205 United States Bankruptcy Court Melvin Price Federal Courthouse 750 Missouri Avenue East St. Louis, IL 62201 United States Bankruptcy Court Federal Courthouse 301 West Main Street Benton, IL 62812 United States Bankruptcy Court 2nd Floor, Room 226 600 E. Monroe Street Springfield, IL 62701 U.S. Bankruptcy Court 2nd Floor, Room 216 100 N.E. Monroe Street Peoria, IL 61602 U.S. Bankruptcy Court 1st Floor, Room 130 201 N. Vermilion Street Danville, IL 61832 Bankruptcy Exemptions Bankruptcy exemptions are protected assets that the bankruptcy code mandates that a debtor is entitled to keep in order to adequately get a "fresh start" after filing. Bankruptcy exemptions vary from state to state, and the following list is the property that is protected in the bankruptcy code of Illinois. For more information, follow this link: bankruptcy exemptions. Also, Illinois is a tenancy by the entirety property state. Click here tolearn about what this means if you have debt that's in only one spouse's name. Illinois Bankruptcy and Real Estate, Automobiles, Ect. -Real or personal property including a farm, lot, & buildings, condo, or mobile home to $7,500 -motor vehicle to $1,200 -any personal property to $2,000 (wildcard exemption: Illinois residents can apply this amount to any property they want) Retirement Accounts -tax-exempt retirement accounts, including S, 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP, and defined-benefit plans -Traditional and Roth IRA to $1,000,000 -Civil service employees' pension -County employees' pension -Disabled firefighters' pension -Widows and children of firefighters' pension -Firefighters' pension -General assembly members' pension -House of correction employees' pension -Judges' pension -Municipal employees' pension -Park employees' pension -Police officers' pension -Public library employees' pension -Sanitation district employees' pension -State employees' pension -State university employees' pension -Teachers' pension Personal Possessions -Bible -Family pictures -Schoolbooks -Clothing (this must be reasonable. If you have a mink coat, it's possible the bankruptcy court will force you to sell it.) -Health aids -Personal injuries recoveries up to $15,000 -Pre-need cemetery sales funds, care funds, and trust funds -Pre-paid tuition trust fund -Proceeds of sold exempt property -Wrongful death recoveries Public Benefits -Social Security -Aid to aged, blind, disabled, public assistance -Veteran benefits -Crime victims' compensation -Restitution payments on account of WWII relocation of Aleuts & Japanese-Americans -Workers' compensation -Workers' occupational disease compensation Tools of Trade -implements, books, and tools of trade to $1500 |
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