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Illinois Laws and Legal Materials

Welcome to OVLG's Illinois laws and legal information center. Know state laws, legal information, court information, get the links to state government websites, and much more.

Overview of debt consolidation & settlement

Debt consolidation is a debt relief option that combines your multiple debts together to arrange a single monthly payment for you. The consolidated payment is also made affordable through interest rate negotiation and reduction. A debt settlement program, on the other hand, involves negotiation with the creditors to lower the entire outstanding balance, so that the debtor can get rid of his obligation by paying much less than what he owed.

Additional legal resources for consumers

  1. Illinois state debt collection laws
  2. Payday loan laws in IL
  3. Statute of limitations (SOL) on debt

Illinois bankruptcy laws

The federal bankruptcy law governs the bankruptcy procedure all over the United States. So, the filing process for Chapter 7 and Chapter 13 in Illinois is not much different than that in other states. A debtor filing for bankruptcy needs to undergo the credit counseling course and the debtor’s education program, before and after the bankruptcy filing in Illinois.

Few key points to consider:

  • Though some states allow the federal bankruptcy exemptions, Illinois doesn’t. A debtor filing bankruptcy in Illinois has to follow specific state limits only.
  • Homeowners in Illinois are allowed exemptions up to $15,000 of home equity in individual bankruptcy and $30,000 as a married couple in joint bankruptcy.

» Know more about Illinois bankruptcy laws

Company formation in Illinois

Establishing a company in the state of Illinois is not much different as that in other states. However, for company formation in Illinois, one has to comply with the state-specific rules along with the general rules, for filing documents with the Secretary of State.

Steps that involve an LLC formation

  • Registering an unique name for the LLC
  • Filing articles of organization with the Secretary of State
  • Execution of an operating agreement
  • Fulfilling tax and other regulatory obligations

» Details of LLC formation in Illinois

Steps that involve formation of a Non-profit Corporation

  • Choosing an exclusive corporation name
  • Forming the Board of Directors
  • Incorporation of the non-profit organization
  • Application for the tax-exempt status

» Details of creating Non-profit Corporation in Illinois

Illinois wills and living trusts

An Illinois last will and testament can protect your legal heirs and their rights. Preparing a valid Illinois will ensures that you can keep intestacy at bay, and decide the distribution of your estate, assets and properties on your own. However, while drafting your own Will, you must know:

  • What are the requirements for making an Illinois Will?
  • What can be the purpose behind a Will creation?
  • How you can modify or revoke your will?

» Read more to know the answers

Living trusts is an ingenious method by which you can bypass probate issues on your assets. Find out:

  • How an Illinois Living trust works?
  • Why are they called living?
  • Can living trusts replace will?

» Read more to know the answers

Additional State Legal Resources

List of creditors we dealt with and details of each negotiation

Amount saved from
Cash Call
Saved $779.42
Saved 779.42
On Jan 13, 2014
Show client details »
Saved $2025
Saved 2025
On Dec 19, 2013
Show client details »
Saved $303.93
Saved 303.93
On May 29, 2013
Show client details »
Saved $4301.71
Saved 4301.71
Saved $1087.5
Saved 1087.5
On May 13, 2013
Show client details »
Saved $2224.72
Saved 2224.72
Saved $528.21
Saved 528.21
On May 25, 2013
Show client details »
Saved $3487.5
Saved 3487.5
On May 21, 2013
Show client details »
Saved $647.25
Saved 647.25
On May 18, 2013
Show client details »

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Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.
  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.
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