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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.

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?

Additional State Legal Resources

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