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Related: Illinois could soon become America's first 'junk' state. Illinois owes more than it owns. | by The financial mess is the inevitable result of spending more on pensions and services than the state could afford -- then covering it up with reckless budget tricks. Debt collectors who have offices in Illinois must obtain a license before attempting to collect any debts or obtain any clients. When Debt Collectors are permitted to View the Medical Histories of Illinois Consumers. Richard Porter, By Richard Porter, includes “… This spending orgy should be deeply troubling for at least three reasons: where the money is coming from, how it will be spent and the financial pain Illinoisans will feel after this cash bender comes to an end.”, MARCH 9, 2021 | THE NEIGHBOR Debt Settlement in Illinois. All rights reserved. If a debt collector fails to get a license, the state can impose a fine of up to $5,000 for each violation or charge the collector with a crime. Illinois’s $134 billion of pension-fund debt built up over years as the state, like many others, failed to set aside enough money to cover all the benefits that have been promised. Geographical and historical treatment of Illinois, including maps and a survey of its people, economy, and government. Lately, Illinois has been unable to reach a budget deal at all. This graph shows the state and local government debt of Illinois from the fiscal year of 1999 to the fiscal year of 2019 with an additional forecast to the fiscal year of 2025. All times are ET. At that point, Illinois already had one of the worst-funded pension systems in the United States. These laws do not, however, forgive any legitimate debt you owe. Illinois could go down in history as the first U.S. state with a "junk" credit rating. 111, par. Illinois state debt collection laws. | by In 2013 federal aid to the states accounted for roughly 30 percent of all state genera… In Illinois, there is a state law that applies to debt collectors.225 Ill.Comp. Illinois Debt Relief; Illinois Debt Counselors (312) 638-6276. "All of these problems are governance and management weaknesses," Hampton said. | by That means a downgrade could come any day. Debt settlement is where a lender agrees to accept a reduced sum of money from the debtor and that is regarded as payment in full. You should know that the Federal Fair Debt Collection Practices Act, the Illinois Collection Agency Act and the Illinois Consumer Fraud and Deceptive Practices Act all provide protections guaranteeing that debt collectors treat you fairly. The complete filing of proposed rules in connection with debt settlement and debt management, as published in the Illinois Register on August 20, 2010, can be found here. : Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped. The problem festered for so long that Moody's estimates Illinois has unfunded pension liabilities totaling $251 billion. In a report released in September 2017 by the nonprofit Truth in Accounting (TIA), states were ranked by taxpayer burden, a term that reflects "the amount each taxpayer would have to send to their state's treasury in order for the state to be debt-free" as of 2016. The Democratic-led legislature planned to return to work Saturday morning in hopes of reaching a budget deal that Republican Governor Bruce Rauner would sign. 425/1 to 425/25 The Illinois debt collection statute covers debt collectors and debt buyers. The law also gives rights to debtors who have been treated wrongly by debt collectors. While the budget impasse is throwing a spotlight on Illinois's dire financial situation today, the fiscal problems go back at least to the 1980s and involve politicians from both parties. State of Illinois Real Time Debt Clock. "Unfortunately, the gimmicks that have worked in the recent past are not sufficient enough to make up the gaping hole that exists now," Msall said. It’s running a deficit of $6 billion, and its pension liability has soared to $130 billion. History. In association with Consumer First Legal Network (CFLN), New Era Debt Solutions has provided debt relief services to thousands of consumers in Illinois to help them achieve financial freedom from debt. Click to Continue. It's OK to choose more than one type of debt! Illinois has the distinction of being the first state ever to operate without a budget for more than a year, according to Msall. Illinois may soon have to take the unprecedented step of cutting off sales of lottery tickets because the state won't be able to pay winners. "I don't know that Illinois is going to get its act together in days after literally decades of being irresponsible," said Rickert. Select a state to see data about that state, 2019 Financial State of Illinois (Released 9/22/2020), Use Create Your Own State Chart to see additional financial, demographic and economic data for this and other states, 2016/2017 Financial State of 10 Illinois Suburbs, 2016 Financial State of Chicago Public Schools, 2015 Financial State of Chicago Public Schools, 2014 Financial State of Chicago Public Schools, 2012 Financial State of Cook County Governments, Illinois Comprehensive Annual Financial Reports, Publishing Entity: Illinois State Comptroller, MARCH 9, 2021 | REALCLEAR POLITICS Morningstar: © 2019 Morningstar, Inc. All Rights Reserved. Illinois has between 0.55 and 1.13 times the cash needed to cover short-term obligations, well below the US average. Kevin Bessler, COMPARE THIS DATA WITH OTHER STATES    VIEW MORE CHART TOOLS, COPYRIGHT 2021 TIA. Illinois is a Sinkhole State without enough assets to cover its debt. Getting cut to junk could make things even worse because it signals a heightened risk of default. | by Disclaimer. Courts split debt fairly with multiple factors, such as who is most responsible for the debt incurred. The Illinois State Library is re-named the Illinois State Library: Gwendolyn Brooks Building. Moody's and S&P Global Ratings have indicated that failure to reach a budget deal will likely trigger a downgrade of Illinois's debt below investment grade. 1. That may not be enough to prevent Illinois from becoming America's first "junk" state. The Illinois Licensing Requirement.

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