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Credit Card Debt Consolidation Help  in Illinois
Call Today: (877) 274-1260
If you successfully complete our program, it’s possible that you’ll enjoy these benefits:
Settle your debts for less than you owe
  (read here for full details about how much you can expect to save)
Resolve your unsecured debts in 18 to 60 months
  (read here for full details on how long our program lasts)
No Up Front Fees - Don't Pay Till You See Results!
Illinois  Debt Relief
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.
Pertinent Illinois  Debt Relief and Debt Help Laws
(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

-Family pictures
-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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