Wage & Asset Protection Fact Sheets

Despite the recent economic recovery, most Illinois families feel financially vulnerable and stressed. Too many Illinois families are struggling with debt and are financially vulnerable. 1 in 3 Illinois residents have a credit card, medical or utility bill that is 180 days past due, and are now in the debt collection process. These debt collecotors are able to take too much of a person’s wages or freeze their bank accounts, thus preventing families from paying off debt while still meeting their family’s basic needs.

State exemption laws are intended to prevent creditors from pushing consumers and their families into poverty. Illinois law misses the mark.

HB2584 / SB1248 Will:

1. Protect a larger percentage of a worker’s wages from garnishment – allowing workers to provide for their families while paying down their debt.
2. Protect a portion of a family’s savings – allowing them access to the minimal funds needed to stay housed, continue to work, and meet the basic needs of their family.
3. Exempt college savings accounts from the debt collection process.
4. Create a clearer wage assignment notice – guaranteeing that all workers know their rights.

These 2015 fact sheets provide more information about the bill.