Illinois Credit Laws

Sales (UCC): 4 - Open Acct: 5 - Written Contract 10 - Domestic Judgment 20 - Foreign Judgment Same as foreign jurisdiction

Triple check amount up to $500, attorney fees & court costs.

Illinois prohibits residents from using the federal bankruptcy exemptions, unless directed by Illinois law. The homestead exemption in Illinois is limited to $7500. Additionally, the sale proceeds are exempt for one year from

the sale of the property. A couple may double the homestead exemption. The homestead exemption limit in Indiana is $7,500. The homestead plus any personal property may not exceed $10,000.

ADDING FEES

A collection as defined in the “Collection Agency Act” or any employee of such collection agency commits a deceptive collection practice when, with the intent to collect a debt owed to a person, corporation, or other entity, he, while attempting to collect an alleged debt, adds to the debt any service charge, interest or penalty which he is not entitled by law to add. 

The FDCPA only permits the addition of any interest, services fees, collection costs or other expenses incidental to the original debt if “such amount is expressly authorized by the agreement creating the debt or permitted by law.” Thus, in addition to reviewing the contract which created the debt, a collector must also review relevant state law to determine whether the addition is permitted. This document provides state law on the addition of such amounts to a debt.