Illinois Debt Relief Company

Illinois Debt Relief Company

Pacific Debt has helped thousands of people reduce their debt. Since 2002, we've settled over $300 million in debt for our clients. Contact us today to see how we can help.

The State of Illinois

Known as the Land of Lincoln, Illinois is part of the heartland of America. From rolling fields to the bustling city of Chicago, located on Lake Michigan, Illinois is a diverse state. With the fifth largest GDP and the sixth largest population, Illinois produces agricultural products, manufacturing, and energy, much of it shipped through the busy seaport on Lake Michigan. 

Illinois is ranked #6 for population and #12 for population density. Chicago is the largest city in Illinois. As of 2020, over 12 million people call Illinois home.

Is Illinois a Community Property State?

Illinois is not a community property state. Therefore your assets are not equally owned by you and your spouse. Currently, there are only 9 community property states. 

There are 10 community property states in which the state sees your assets as community property are Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, 

New Mexico, and Wisconsin.

Illinois State Income

The median state income is $65,886. As of 2021, the minimum wage is $10.00 per hour. That amount doesn’t go very far in Illinois. In fact, 21.4% of Illinoisan children under 18 live in poverty. For residents overall, 13.5% of all people in Illinois live under the poverty level.

• Median state income: $65,886
• Minimum wage: $10.00/hour
• Children in poverty: 21.4%
• People in poverty: 13.5%

Homeowners in Illinois

Just over half (67.3%) of people living in Illinois hold a mortgage. The median home price in Illinois is $204,872 (2020).

• Homeowner rate: 67.3%
• Median home price: $204,872

Illinois Employment 

Illinois's unemployment rate is holding steady at 7.1%. However, the underemployment rate is 15.3%. Underemployment is the percentage of civilian workers who are unemployed, employed part-time or are not seeking employment.

If this is you, we can help. Pacific Debt offers Illinois debt relief solutions tailored to your unique situation and budget. Our certified counselors help you work up a budget and explain your options.

• Unemployment: 7.1% (2021)
• Underemployment: 15.3% (2021)

Illinois Debt Statistics

Illinoisans carry a lot of debt. The average credit card debt is $6,253 (2021). Residents of Illinois owe more than $2.5 million in medical bills. The average student loan debt is lower than the US average but is $28,960. When you add all that debt on top of the cost of homes (rental or owned), versus the median income, it is very easy for Illinoisans to get into debt. According to creditcards.com , the average credit card interest rate sits at 16.15% for 2021. 

• Avg Illinois credit card debt: $6,253 (2021)
• Avg Illinois mortgage debt: $177,055 (2021)
• Avg Illinois student loan debt: $28,960 (2021)

Illinois Statute of Limitations

Illinois’s statute of limitations lays out maximum time periods that debt collectors can take action against a delinquent debt. These statutes of limitations begin on the date that your debt goes delinquent.

For the IL debt statute of limitations, the following statutes are for different types of debt.

• Oral agreements: 5 years
• Written contracts: 10 years
• Promissory notes: 10 years
• The statute of limitations on credit card debt in Illinois and other revolving loans is: 10 years

Illinois Debt Relief & Debt Consolidation

We will help you work through our proven and comprehensive debt relief program. Your certified debt relief counselor will review all your options. If debt settlement is right for you, we move forward with our debt consolidation program and work to save you money. Pacific Debt can help with most unsecured debt like credit cards, personal loans, medical bills and repossessions.

It is not an easy process and it won’t happen overnight, but you can do it. Pacific Debt will be there every step of the way to help. 

Illinois Debt Collection Laws

Illinoisans have laws to protect them against unscrupulous debt collectors. The federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive or harassing bill collection practices. In addition, the Illinois Collection Agency Act adds protections against more types of collectors and actions. If you are a victim of any of these actions, you may take legal action against them.

Overall, debt collectors can NOT:

• Charges more than 10% interest
• Garnish more than 25% of wages
• U se/threaten physical force or criminal tactics to harm you, your property, or your reputation
• Accusing you of committing a crime for not paying the debt
• Make/threaten to make defamatory statements to someone else
• Threaten arrest, to seize assets, or garnish wages unless actually planning to take such action
• Use obscene or profane language
• Cause you to spend money you wouldn’t otherwise have spent (ie long-distance telephone calls)
• Call you repeatedly or let your phone ring repeatedly
• Call frequently
• Contact your employer, except to verify employment or health insurance status, garnish wages or locate you
• Reveal information about debt to anyone except your spouse or your parents if a minor.
• Publicly publish your name for failing to pay
• Send a postcard or letter with revealing information on the envelope
• Claim to be someone other than a debt collector, including a governmental official
• Use stationery that appears to be from a law firm
• Charge you collection or attorney’s fees unless legally allowable
• Threaten to report you to a credit reporting agency if they have no intention of doing so
• Send a letter claiming to come from a claim, credit, audit, or legal department unless it actually is

Debt collectors must:

• Disclose caller identification
• May contact your family to locate you
• Must serve you with notice of a lawsuit if suing you

Illinois Bankruptcy Court Information

Bankruptcy is a legal action that can erase most of your debt as well as your credit history. It is not an action to take lightly. If you do, you must follow the following steps in Illinois Bankruptcy law.

Persons filing for bankruptcy must:

• Complete credit counseling within six months before filing for bankruptcy.
• Complete a financial management instructional course after filing bankruptcy.
• Complete a Bankruptcy Act Means Test to determine if you are eligible for a Chapter 7 or 13 bankruptcy
• Itemize current income sources; major financial transactions; monthly living expenses; debts (secured and unsecured); and property (all assets and possessions, not just real estate).
• Collect last 2 years of tax returns, deeds to real estate you own, car titles, and loan documents
• File for bankruptcy
• Chapter 7 bankruptcy fee is $306
• Chapter 13 bankruptcy fee is $281
• Meet with court assigned bankruptcy trustee
• Attend a Meeting of Creditors
• Confirm plan if filing for Chapter 13 bankruptcy

Illinois Better Business Bureau

Pacific Debt Relief is an A+ rated Business with the BBB  for debt negotiation services to individuals and families struggling with unsecured debt. We have been accredited since 2010 and in business since 2002.

What Is Illinois Debt Relief?

Pacific Debt, Inc is a leading debt settlement company located in California and licensed in many other states. We have an excellent track record and reputation. We negotiate with your creditors to lower the amount you owe. The secret to debt settlement is that you have to stop paying your bills in order to make creditors willing to negotiate. This action can come with late fees and creditor phone calls.

Debt settlement does come with some credit score and credit report damage. Your debt settlement may stay on your credit report for up to seven years. You should consider debt settlement for debts that are very delinquent or already in collections, or for which you are struggling to maintain minimum payments. 

That way the damage is already done to your credit score. Many people who successfully complete Pacific Debt, Inc’s debt settlement program can see rapid improvements to their credit scores once their debt is paid off and assuming they make on time payments each month for debts outside the program.

Illinois Debt Relief Pros and Cons

Pros of Debt Relief

• May be able to pay less than you owe
• Last resort before bankruptcy

Cons of Debt Relief

• Must negotiate with each creditor
• Possible late fees and interest charges
• Annoying phone calls from creditors
• Takes 2-4 years to settle and pay off debts
• Short term negative impact on credit score and credit report for up to 7 years
• Possible tax consequences

How does Illinois Debt Relief Work?

We will help you work through our proven and comprehensive debt relief program. Your certified debt relief counselor will review all your options. If debt settlement is the right fit for you, we move forward with our program and work to save you money from your creditors. Pacific Debt can help with most unsecured debt like credit cards, personal loans, medical bills, and repossessions.

If you have been hit with high-interest rates and are having problems paying your creditors. Call one of our certified credit counselors today. It is not an easy process and it won’t happen overnight, but you can do it. Pacific Debt will be there every step of the way to help. Pacific Debt is based out of San Diego, California, but doesn't only provide San Diego debt relief. Pacific Debt offers debt relief to over 30 states in the form of debt settlement.

For many reasons, Illinois residents carry a lot of debt – it can be an expensive place to live. If you have a lot of debt including unsecured debt like credit cards and are looking for debt relief solutions, here are some of your options.

Debt Relief Options and How They Work

1. Debt Consolidation This option rolls all debt into a single, lower interest payment. You may be able to get a lower interest loan to pay off the debt or work with a debt consolidation company.
2. Credit Counseling Credit counseling helps you to manage your money including developing a budget, helping you understand your credit report, and setting up a debt management plan.
3. Bankruptcy This is a last resort option – this legal action wipes out most of your debt, severely damages your credit for up to ten years, and is expensive and time-consuming.
4. Debt Settlement In this option, you (or a company) negotiates with creditors to lower the debt amount of unsecured loans, like credit cards and helps you to save money in order to pay off loans.

Contact Pacific Debt today so they can help you with your creditors.

Debt Settlement Company

One of our certified credit counselors can help you understand all your debt relief options and what your best route of action would be. We can also give you a FREE savings estimate to see how much money we can help save you each month. Pacific Debt has one of the best-rated debt settlement programs available for Illinois residents who are eligible for our debt relief program. Debt settlement is a great debt relief option to have when you are facing pressure from bill collectors and creditors. We know what it's like to have high-interest rates for unsecured loans, medical bills, or student loans.

If you live in the state of Illinois and are looking for your best option for reducing your debt, call us today. Our debt experts will help guide and explain all your options so you understand them well. Our IL debt settlement program can be custom tailored to fit your budget.

We are a debt relief company with our main office in San Diego. However, we operate on a national level providing debt relief throughout the United States. Talk to a debt expert today and find out all your options to get out of debt. Our debt specialists will go over your financial situation closely and help explain everything to you.

Pacific Debt, Inc.

Call Us for Immediate Debt Relief Service at 1-800-909-9893

Credit Counseling

If you have more debt than you can pay off, Pacific Debt can help you consolidate your debt and learn to live debt free. Since 2002, we’ve settled over $300 million in debt for thousands of clients. We are a nationally top ranked debt relief company.

Disclaimer: In some states, PDR may not be able to offer our services directly due to state regulations related to debt settlement. In those instances, PDR will refer you to a reputable debt relief provider or attorney firm for assistance with your debt. We are not lawyers and are not giving legal advice. Before filing bankruptcy, talk to a lawyer in your state. The information included on this site is for educational purposes only.