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(330) 409-2876 or (877) 505-9455
FREE Debt Relief Consultation Call (330) 409-2876 or (877) 505-9455
Sheppard Law Offices
TALK TO AN OHIO BANKRUPTCY ATTORNEY TODAY (614) 523-3106
Bank levies occur when a judgment is obtained by a creditor against you, allowing them to start searching your assets to liquidate in order to repay the debt. Once a creditor is awarded this right, any money that you have in a bank is at risk of being taken by that creditor through a bank levy. In some cases where your bank account information is known to the creditor, loan or credit card agreement documents may allow the creditor to bypass the lawsuit and go straight to assessment of a bank levy.
The Automatic Stay provision immediately goes into force upon filing for chapter 7 or chapter 13 bankruptcy, thereby legally prohibiting the creditor from pursuing collection actions against you. What this means to you is that even if they have a lawsuit judgment or loan documents allows them to levy your accounts, they must stop the bank levy or cannot begin a bank levy once your bankruptcy case is filed. If you have had a lawsuit filed against you, whether it is by a creditor, from an accident, or for any other reason, you should immediately plan to discuss your situation with a Canton, Ohio Bankruptcy Attorney at Sheppard Law Offices.
When you apply for and are granted a loan, the signed loan documents are a legally binding contract. This applies to secured loans such as mortgages, car loans, boat loans, motorcycle loans and any other loan where the creditor issues a loan in exchange for a claim on the property you are purchasing. Additionally, this applies to unsecured loans such as credit cards, personal loans, and other lines of credit. Take caution if you hold a deposit bank account with the issuer of the loan or if the loan issuer has your bank information for another purpose. Whether you hold a checking or savings account, the loan documentation or credit card agreement may contain language allowing the creditor to access your accounts for the purpose of collecting past due balances on your debt. It is also common for language in credit agreements to allow the bank that holds both your liquid assets (bank account) and your debt (credit card or other loan) the right to access your deposit accounts in order to pay your past due balances on the debt they hold. If they the creditor enacts this right and levies your accounts, it can be very damaging to your current financial situation to find the monies automatically taken from your bank account. Therefore, it is important to consider that if you have debts at the same bank where your deposit accounts are kept, it may be wise to only keep a small amount of money in the deposit accounts. If you are considering filing for bankruptcy, the automatic stay provision will prevent the creditor from accessing your deposit accounts as the automatic stay protection of bankruptcy overrules the contract that allows them to initiate this type of bank levy.
If you have received notification of a bank levy, already have a bank levy in force, or are in fear that a levy may be placed on your account, now it the time to contact the Akron-Canton Ohio bankruptcy attorneys at Sheppard Law Offices to get the bank levy stopped. Your Akron-Canton, Ohio bank levy attorney will discuss with your your debt relief and bankruptcy options, and if bankruptcy is the best solution for your situation. We can get the bank levy against you stopped. Call (330) 409-2876 today to speak with a bankruptcy attorney and end your bank levy.
Sheppard Law Offices
Canton, Ohio Office
Belden Village Tower, 200
Canton, Ohio 44718
Tel: (330) 409-2876
Columbus Ohio Office
2600 Tiller Lane, Suite A
Columbus, Ohio 43231
Tel: (614) 523-3106
Newark, Ohio Office
843 N. 21st Street, Suite 108
Newark, Ohio 43055
Tel: (740) 345-7138
Mt. Vernon, Ohio Office
11 West Gambier Street
Mt. Vernon, Ohio 43050
Tel: (740) 392-0404
We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.
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Sheppard Law Offices, LPA is conveniently located and serving chapter 7 and chapter 13 bankruptcy clients in Canton, Ohio. Our office is a short drive from throughout Stark, Tuscarawas, and Summit Counties. We regularly provide debt relief solutions to clients from Akron, Canton, North Canton, Massillon, Dover, New Philadelphia, Alliance, Navarre, Strasburg, Ballivor, Jackson Township, Canal Fulton, Barberton, Greenlawn, Medina, Wooster, Orrville, Dalton, Minerva, Ashland, Wadsworth, Carrollton, Dundee, Millersburg, Hartville, Doylestown, Green, Uniontown, Salem, Columbiana, Uniontown, and throughout Ohio.