Illinois Debt Collection Laws and Statutes

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.

Comments are closed.