Illinois Debt Collection Laws and Statutes
AccountsReceivable.com handles debt collections throughout the entire state of Illinois.
Below you will find important information on Illinois state debt recovery laws including: Illinois Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.
STATE: ILLINOIS
Interest Rate
- Legal: 5%
- Judgment: 9%
STATUTE OF LIMITATIONS (IN YEARS)
- Sales (UCC): 4
- Construction Cases: 4
- Open Account: 5
- Written Contract: 10
- Domestic Judgment: 20
- Foreign Judgment: Same as foregin jurisdiction
BAD CHECK LAWS (CIVIL PENALTY)
Triple check amount up to $500, attorney fees & court costs.
GENERAL GARNISHMENT EXEMPTIONS
15% of gross wages or disposable earings for workweek up to 45 x fed. min. hourly wage, whichever is greater.
