Ilinois Commercial Collection Agency

Ilinois Collection Coverage

Full Debt Commercial Collection Agency Coverage for Ilinois IL

Bloomington | Chicago | Evanston | Peoria | Rockford

Burt & Associateis a national debt collection agency with full collection coverage for Ilinois. We invite you to review our services and feel free to contact us with any questions or comments you may have.

Contact Burt & Associates

By Phone:
Direct : (312) 772-4186
Toll free: 1-877-740-7839

Or Fill out our Contact form

Go ahead and Click Here To Get A Free Quote Click Here To Get A Free Quote or call us toll free 1 (877) 740-7839 and get started today!

We hope that this information on Illinois Collection Agencies assists you. The following is a summary of the Illinois Collection Laws. The information here may not be 100% accurate and should not to be construed as legal advise.

• Illinois Collection Laws Interest Rate
  
  Legal: 5%
  Judgment: 9%
  
  
• Illinois Collection Laws Statute Of Limitations (Years)
  
  Sales (UCC): 4
  Open account: 5
  Written Contract: 10
  Domestic Judgment: 20
  Foreign Judgment: Same as foreign jurisdiction
  
  
• Illinois Collection Laws Bad Check Laws (NSF) (Civil Penalty)
  
  Triple check amount up to $500, attorney fees & court costs



• Illinois Collection Laws General Garnishment Exemptions
  
  15% of gross wages or disposable earnings for workweek up to 45 x Federal minimum hourly wage, whichever is greater



• Illinois Collection Laws Collection Agency Bond & Licensing Rules
  
  Bond: $25,000
  License: Yes
  Fee:
  $750 - Original
  $750 - Renewal
  Exemption for out-of-state collectors: Out-of-state collectors may be exempt if [1] not soliciting accounts in Illinois; [2] their state of residence has laws which provide similar reciprocity (allow out-of-state agencies to collect only); and [3] the state in which the non-Illinois agency resides extends the same privileges to out-of-state agencies.

Tips for your Bottom Line

Business trends for this year are showing that businesses, both large and small, are starting to partner with 3rd party agencies for assistance with their A/R needs. These companies are finding it more cost and time effective to bring in 3rd party agencies to handle all their collection needs.

“Why?” Well, I’m going to tell you why you need Burt & Associates for your commercial collections. The first thing I’m going to tell you about is that debt recoveries help you keep your costs down. Burt & Associates is capable of recovering your delinquent debt that would otherwise go uncollected. Also, commercial debt collection is a time and labor intensive process and as an SAS70 certified company, we take pride in providing you the best service possible with a great deal of efficiency, allowing you more time to deal with other aspects of your business.

I was talking with a client the other day and he was telling me that he had been trying to collect $15,000 from one of his accounts. He was reading through last week's Coach's Corner and found the company below to be named as a "Rapidly Growing" company and he knew that the monies he was owed could be collected. He decided to call me and give us his account - saving him time and loads of money.

As I have stated before, we are your partner. We will share the risks with you and take responsibility for collecting your commercial debt. This takes some of the stress off of you and your company and puts it on us.

Get the most out of your business – call me today for your FREE Risk Score and let’s get this partnership started!

With warmest regards,
Jerry Cutis
President & CEO

Educational Tidbits For Today's Credit Executive
Third-Party Guarantees In the Context of Preference Avoidance

With regard to preference avoidance, one must consider, among other things, the strategic implications of third-party guarantees. While collecting on nondebtor guarantees may sometimes be temporarily put off by a debtor’s bankruptcy filing, a bankruptcy filing discharges only the obligation of the debtor, not those of nondebtor guarantors. Therefore, by winning the guarantee of a solvent third party, the creditor may be able to shift the risk of the debtor’s bankruptcy to a party.

The Credit Manager’s Q&A Corner
Question: Explain why it is important to place claims with a collection agency as soon as possible.

Answer: The primary reason for placing claims with a collection agency as soon as possible is that it has been well documented that the older a claim is, the less chance of collecting on that claim.