Illinois Considers Raising Homestead Exemption to $150K

Illinois lawmakers have once again introduced legislation that would change creditor’s debt collection practices. A similar bill from last year failed to make it out of committee, but lawmakers have outlined several goals that they believe will protect debtors: Requiring all court summons for a debt collection lawsuit to include a debtor’s “bill of rights”; Reducing the time in which a creditor can revive a judgment against a debtor to five years; Lowering the annual interest rate on debt judgments less than $25,000 to two percent; and Raising the value of the exemptions that debtors can use to protect their assets from creditors. The proposed change to the homestead exemption stands out because of the sizeable jump. The exemption would increase from $15,000 to $150,000 for an individual homeowner and $30,000 to $200,000 for a couple. Homestead Exemption A home is often the most valuable property that a person owns, which makes it important to…

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